China Pacific Insurance (Group) Ltd received approval from the listing committee of Hong Kong's stock exchange for its $3.4 billion Hong Kong IPO, said a source close to the deal on Friday.

The development clears the way for China's third-largest life insurer to launch its long-delayed Hong Kong listing.

China Pacific, part-owned by U.S. private equity firm Carlyle Group CYL.UL, received Chinese government approval for the listing on Wednesday.

The company is taking advantage of a stock market revival this year to raise money and compete more aggressively with bigger rivals Ping An Insurance (Group) Co and China Life Insurance Co.

(Reporting by Kennix Chim; Editing by Chris Lewis)

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