Shareholders back China Pacific HK share offer

SHANGHAI, Sept 1 (Reuters) - Shareholders of China Pacific Insurance have approved the firm's plan to float shares in Hong Kong, the company said on Tuesday, in an offer that analysts have estimated to be worth around 24 billion yuan ($3.5 billion).

The approval was given by shareholders at a meeting on Monday, China's third-largest life insurer said in a statement published in the official Shanghai Securities News.

Shanghai-listed China Pacific (601601.SS), part-owned by the Carlyle Group, said in July that it would resume plans for a Hong Kong share offer after attempts last year failed due to the global financial crisis.

Sources told Reuters in July that China Pacific had hired China International Capital Corp (CICC) and three other investment banks to arrange its Hong Kong offer. [ID:nSHA309267] ($1=6.83 Yuan) (Reporting by Lu Jianxin and Edmund Klamann; Editing by Jonathan Hopfner)