HONG KONG (Bloomberg) — CNinsure, an insurance agency and brokerage based in the southern Chinese city of Guangzhou, and shareholders may raise a more-than-expected $176.4 million in a US initial public offering, according to a regulatory filing.

CNinsure, its founders and employees are offering almost 11.8 million American depositary receipts at $13 to $15 each, the filing said. The range was revised from the $11 to $13 given in an October 18 filing. It may expand the sale by 1.8 million ADRs to meet demand and stabilise its share price, bringing the total raised to $202.9 million, the filing said.

Chinese companies and their owners have garnered $3.6 billion in US. IPOs this year, more than the previous two years combined, according to data compiled by Bloomberg. Investor demand has prompted companies including China Digital TV Holding Company and Longtop Financial Technologies to raise their US IPO price ranges or price their share sales above the ranges.

Rising household income, an aging population and increasing car ownership are boosting insurance sales in China, the ninth- largest insurance market in the world by premium collection in 2006, CNinsure's filing said.

CNinsure is selling 9.65 million new ADRs, or a 22.9 percent stake, to finance acquisitions and ventures and pay for improvements of its service systems, it said. Each ADR represents 20 underlying common shares.

CNinsure began selling car insurance in 1999 and later branched out into other property and casualty products. It started distributing life insurance policies in January 2006.

One of the largest independent insurance agents and brokers in the country, CNinsure operated through about 11,000 agents and 170 outlets in eight provinces as of September 30, the document said.

Sales rose 72 percent last year to 246.5 million yuan ($33 million), helping it post a 57.4 million yuan profit, against the previous year's loss of 6.7 million yuan.

Morgan Stanley is arranging the IPO.