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China Pacific Reports 200% Profit Growth
China Pacific Insurance (Group) (CPIC) (601601.SH) booked net profits of RMB 1.7 billion in the third quarter of 2009, up 203.7% year-on-year, bringing its profit in the first nine months of this year to RMB 4.06 billion, the company announced on October 30. The company generated RMB 27.17 billion in revenue in the quarter, compared with RMB 18.88 billion in the year-ago period. CPIC wrote RMB 21.29 billion in premiums between July and September, and made RMB 5.8 billion in investment income in the period.
CPIC has submitted an application to issue up to 1 billion shares on the Hong Kong Exchange at a minimum of RMB 23.52 per share, Shanghai Securities News reported.
Reports in March 2008 said CPIC planned to list 900 million shares in Hong Kong in September that year for at least RMB 30 per share.
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