Monday, November 20, 2017

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.

 

Share

Related Articles

Videos

Zainudin Ishak, Malaysian Re

Partner Content

Follow InsuranceAsia News

Print Edition

WINTER 2017

Defending Asia's evolving risks