China Investment Corp and Ping An are among the big institutional investors from the mainland who are pursuing substantial stakes in AIA, the Asian businesses of AIG, in this month’s share sale of up to $20bn, according to people working on the deal.

据内部工作人员透露，在美国国际集团(AIG)亚洲业务友邦保险(AIA)本月规模可达200亿美元的股票发行中，中投公司(China Investment Corporation)与平安保险(Ping An)都在大规模认购的内地大型机构投资者之列。

China Life, the world’s biggest life assurer by assets, and Taikang, another Chinese life company, are also lining up for stakes in the initial public offering along with most other significant regional life insurers, including the Asian arm of Prudential of the UK, according to one person involved.

知情人士透露，以资产计算全球最大的寿险公司中国人寿(China Life)以及另一家中国寿险公司泰康人寿(Taikang)也与其它大多数重要地区性寿险公司一样（包括英国保诚集团(Prudential)的亚洲子公司），竞相认购AIA首次公开发行(IPO)的股票。

The interest of mainland investors like CIC, which wants a stake of about $250m, according to a person close to the issue, shows how Chinese investors have come full circle after shunning the company initially.

据知情人士透露，中投公司等内地投资者的兴趣显示，中国投资者从最初回避AIA发行，兜兜转转一圈后又回来了。中投公司有意购买2.50亿美元的股票。

“Initially there was reluctance on the part of China Inc to be part of this for political reasons. They did not want to be seen as bailing out the US and to be seen as rescuing AIG,” said one banker. “Now they don’t want to be left out.”

“最初出于政治原因，中国企业不太愿意介入这笔交易。它们不愿意让外界认为它们在为美国纾困，或在救助AIG，”一名银行家表示。“而现在它们不愿意被排除在外。”

Underwriters had tried to woo CIC, China Life and others into the deal as cornerstone investors, which involves committing to hold shares for at least six months in return for receiving a guaranteed allocation.

承销商们一直在讨好中投、人寿及其他公司，希望它们成为基石投资者。这意味着它们要承诺持有股份至少6个月，以换取配售保证。

But given the size of the deal and the fact that cornerstone investors would not get any discount on the price, CIC decided there was little advantage in coming in early, bankers added. CIC could not be reached for comment.

但银行家们补充道，考虑到发行的整体规模，以及基石投资者并无任何价格折扣的事实，中投认为过早加入没多少好处。记者无法联系到中投置评。

The IPO for AIA – which is being sold by its cash-strapped parent as it seeks to repay billions in bail-out funds to the US government – has also attracted some well-known international investors, including Paulson & Co, the US hedge fund manager, and Bruce Berkowitz’s Fairholme, which has beneficial ownership of 26.6 per cent in AIG and wants to invest $1bn in AIA.

资金拮据的AIG出售AIA是为了偿付美国政府数十亿美元的纾困基金。此次AIA的IPO也吸引了许多国际知名投资者，包括美国对冲基金公司Paulson & Co，以及布鲁斯•博考维茨(Bruce Berkowitz)掌管的Fairholme公司。后者凭借实益拥有权持有AIG 26.6%的股份，此次希望向AIA投资10亿美元。

AIG has a special option to increase the size of the stake it is selling from about 49 per cent to about 59 per cent, depending on demand. It has not yet been decided whether that will happen, but it appeared to be moving in that direction, according to one person involved. The sale is to be priced in a range of HK$18.38 to HK$19.68 per share on Thursday.

AIG有一项特殊选择权，可视需求将出售股权比例从49%左右提高到59%左右。据知情人士透露，该公司尚未决定是否要这么做，但似乎正在朝这个方向移动。此次股票发行将于周四进行，发行价将在18.38港币到19.68港币之间。

If both this special option is exercised and the traditional 15 per cent “greenshoe” overallotment option kicks in on top of that, then AIA could end up selling more than 8bn shares, or about two-thirds of the company, in a sale that will value it at up to $30.5bn.

如果AIG既行使特殊选择权，又行使15%的传统超额配售选择权，那么AIA最终可发行超过80亿股，相当于公司规模的三分之二，发行后总市值可达305亿美元。