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Insurance intermediaries eye GEB

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-09-30 16:55

Mintaian Insurance Surveyors & Loss Adjusters, a Shenzhen-based insurance intermediary specializing in insurance surveys and loss adjusting, will soon hand in an application for an initial public offering (IPO) on China's growth enterprise board (GEB).

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The company, which has been keeping a low profile since its establishment in 1994, is the largest of its kind with one fifth of the market share in the country's insurance loss adjusting industry. It is expected to become the first insurance intermediary to go public on China's capital market.

Mintaian's registered capital is 50 million yuan ($7.32 million), compared with an average of between 500,000 yuan and 5 million yuan for its peers in China. It realized an income of 138.48 million yuan in 2007, 210.57 million yuan in 2008 and 89.29 million yuan in the first half of 2009, which all represent a market share of around 20 percent.

Essence Securities has been chosen as the company's underwriter on the GEB and the listing application is expected to be submitted to the country's securities watchdog before the end of the year.

The company completed its share reform two years ago and was looking at a listing on the small and medium-sized enterprise board in Shenzhen when the GEB was not open, according to a source familiar with the matter.

Mintaian was not alone in eyeing the GEB...

The full text is available in the September Issue of China Insurance. Please visit E-Shop for more subscription details.