Chinese insurance giant Sunshine to list in HK

China insurance giant Sunshine Insurance Group is seeking an initial public offering (IPO) in Hong Kong. The China Securities Regulatory Commission (CSRC) received the Beijing-based insurer's application for overseas listing on April 6. Promising greater policy stability, the CSRC said it supports overseas listings, prospects for which have been clouded by a raft of new rules and the stand-off with the US over access to company audits. According to reports, Sunshine seeks to raise up to USD2bn during a share sale in Hong Kong this year. Founded in 2005, Sunshine was jointly set up by several large state-owned firms including Sinopec, Aluminum Corporation of China, and China Southern Airlines. The company is among seven mainland top insurance groups, providing property insurance, life insurance, credit and guarantee insurance, as well as asset management.