Friday, April 27, 2018

PICC eyes Shanghai listing

PICC, the parent of China’s biggest non-life insurer, is planning to list on the Shanghai Stock Exchange and raise more than Rmb10 billion (US$1.6 billion) in fresh capital.

The offering will be underwritten by China International Capital Corp, Essence Securities, Citic Securities and Goldman Sachs Gao Hua Securities.

PICC revealed the plan in a filing to the Hong Kong stock exchange. According to the filing, PICC intends to issue up to 4.6 billion A-shares for the mainland listing. It said it would use the money to replenish its capital.

PICC first went public in Hong Kong more than five years ago, when it offered US$3.1 billion in shares and is the parent of PICC Property and Casualty, which is also listed in Hong Kong.

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