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New China Life postpones IPO

(China Daily)
Updated: 2007-03-14 10:24

New China Life Insurance, the country's fourth-largest life insurer, postponed its $1 billion initial public offering until at least 2009, according to media reports citing shareholder Zhang Hongwei, chairman of Orient Group Inc.

A protracted investigation by China's insurance regulator into the company and the replacement in January of Chairman Guan Guoliang caused the delay, the report said.