PICC gets funds
Source: Bloomberg News |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
PEOPLE'S Insurance Co (Group) of China Ltd has "secured" a 10 billion yuan (US$1.5 billion) investment from a strategic investor, paving the way for an initial public offering, an executive said yesterday.
The parent of the nation's biggest non-life insurer "has everything in place for listing on the A-share and H-share markets," Zhou Shurui, chairman of the company's supervisory board, said in Beijing yesterday, referring to the stock markets on the Chinese mainland and Hong Kong. "We're launching work related to the listing."
A share sale will help the state-owned insurance company, known as PICC Group, replenish capital at business units, including PICC Property & Casualty Co that is being eroded by a rapid business expansion.
The parent of the nation's biggest non-life insurer "has everything in place for listing on the A-share and H-share markets," Zhou Shurui, chairman of the company's supervisory board, said in Beijing yesterday, referring to the stock markets on the Chinese mainland and Hong Kong. "We're launching work related to the listing."
A share sale will help the state-owned insurance company, known as PICC Group, replenish capital at business units, including PICC Property & Casualty Co that is being eroded by a rapid business expansion.
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