Mainland China's largest life insurer, China Life is facing a probe by regulators in both Hong Kong and China over allegations that the families and friends of senior executives at the firm received "preferential treatment" during its initial public offering (IPO).
According to the South China Morning Post, the Hong Kong Independent Commission Against Corruption and the Chinese Central Commission for Discipline Inspection have launched separate investigations into the allocation of shares at the firm's December IPO, following receipt by the Securities and Futures Commission (SFC) of many letters of complaint from retail investors and China Life employees.
Interest in the initial stock offering was very high, according to the SCMP, which revealed that the international tranche of the IPO was some 25 times oversubscribed, with the domestic tranche 168 times oversubscribed.
The SFC reportedly confirmed on Wednesday that it is "making inquiries into the circumstances of the listing of China Life".
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