By March 2003, China Life's underwriting syndicate expanded to include Citigroup Inc.

CENTERFORSECURITYPOLICY: Center For Security Policy

Under current securities laws, members of an IPO underwriting syndicate are prohibited from publishing equity research before and up to the IPO pricing date and for a period of 40 days after the pricing of an IPO.

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The prime brokerage desk operates independently from its syndicate desk, which led the underwriting of Facebook's shares.

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