A bidding war for the Hong Kong listing of China's biggest reinsurer has raised concerns that intense competition is making it harder for IPO sponsors to recoup their costs. CHINA REINSURANCE (CROUP) CORP, which is looking to raise about US$2bn in the next half of the year, has received bids as low as US$30,000 from two would-be sponsors, according to four sources involved in the process. This is far lower than the US$500,000 banks typically charge to cover work on due diligence and documentation for a firm of China Re's size.
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