China Securities Regulatory Commission (CSRC) on Wednesday approved New China Life's application of Initial Public Offering (IPO), kicking off the company's dual listing in Hong Kong and Shanghai.

The company is expected to raise up to 5 billion yuan ($757 million) on the Shanghai Stock Exchange, much lower than the market expectation, according to analysts.

New China Life Insurance Co, China's third-largest life insurer, said in its IPO application that it plans to sell up to 158.5 million shares in the A-share offering and 358.42 million shares in the H-share offering. The A-share listing only accounts for 5 percent of the company's total shares.

The A-share market has been very sensitive to New China Life's IPO and that is partly why the company allocates a smaller share to Shanghai, analysts said.

New China Life will finance at least 4.5 billion yuan based on the latest price of 28 yuan per share.

New China Life will hold its H-share IPO hearing on Thursday and is expected to be listed in Hong Kong and Shanghai before Christmas.