Tuesday, May 22, 2018

PICC plans US$2bn share sale in mainland China

PICC, the parent company of Hong Kong’s largest non-life insurance player, is looking at selling shares in mainland China in a bid to raise funds to finance its planned expansion.

Officials valued the share sale at about US$2 billion. The sale would come more than four years after PICC Group went public in Hong Kong through a US$3.1 billion offering.

At the outset, the shares raked in gains and reached their peak in mid-2015.

However, since then, the shares have been dipping, trading 43% below its high two years ago.

PICC Group intends to sell not more than 4.6 billion shares in Shanghai, subject to the approval of shareholders and Chinese regulators.

 

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