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China Reinsurance Plans 3 Billion Yuan Share Issue to Ministry of Finance

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China Reinsurance (HKG:1508) plans to raise up to 3 billion yuan through a private placement of domestic shares to China's Ministry of Finance, according to a Sunday Hong Kong bourse filing.

The insurer will issue up to 2.26 billion shares at 1.33 yuan per share, representing no more than 5.31% of its existing share capital.

The proceeds will be used to strengthen core tier-one capital, support key businesses and enhance the company's capital and risk resilience.

The Ministry of Finance, which currently owns 11.45% of China Reinsurance, will subscribe for the shares in cash, with the new shares subject to a five-year lock-up

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