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People's Insurance Company of China aims to raise USD 1.6 bn in Shanghai IPO

PICC said late on Monday in a post to the Hong Kong stock exchange that it plans to issue up to 4.6 billion A-shares in a Shanghai initial public offering.


Reuters 10 Apr 2018, 08:41 AM China
People's Insurance Company of China aims to raise USD 1.6 bn in Shanghai IPO
  • The deal will be underwritten by China International Capital Corp Ltd. (Image Credit: Flickr)

People's Insurance Company of China Co Ltd (PICC), parent of the nation’s biggest non-life insurer said it aims to raise over 10 billion yuan (USD 1.6 billion) on the Shanghai stock exchange to replenish its capital.

PICC said late on Monday in a post to the Hong Kong stock exchange that it plans to issue up to 4.6 billion A-shares in a Shanghai initial public offering.

PICC’s listing in China would come more than four years after the company went public in a USD 3.1 billion offering in Hong Kong. PICC is the parent of PICC Property and Casualty Co Ltd.

The deal will be underwritten by China International Capital Corp Ltd, Essence Securities, CITIC Securities Co Ltd and Goldman Sachs Gao Hua Securities, according to the prospectus posted by China's securities regulator.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)