China Reinsurance mulls IPO

State-owned China Reinsurance Corp, the country's leading reinsurer, plans an IPO of up to $2 billion in Hong Kong, the Wall Street Journal reported on Monday, citing people with direct knowledge of the deal.

The company is working with UBS AG and HSBC Holdings Plc on preparations for the IPO, which it plans to launch in the first half of next year, wsj.com reported.

The Chinese government is trying to give private capital a bigger role in the massive, debt-laden State sector. In July, the State-owned Assets Supervision and Administration Commission of the State Council identified six companies that will be part of the reform process. China Reinsurance Corp was not among those listed.