HONG KONG: China Reinsurance (Group) raised $2 billion after pricing its Hong Kong initial public offering at the top of expectations, sources with direct knowledge of the plans said on Saturday.

The company priced the 5.77 billion new shares, equivalent to 13.7 per cent of its enlarged share capital, at 2.70 Hong Kong dollars each, after marketing the deal in an indicative range of 2.25 to 2.70 Hong Kong dollars, added the sources, who declined to be named because details of the IPO aren’t yet public.

China Re’s IPO would be the largest in Hong Kong since property developer Dalian Wanda Commercial Properties Co Ltd raised $4 billion in December. It should be surpassed next week when distressed debt manager China Huarong Asset Management Co Ltd prices its listing, worth up to $2.8 billion.