PICC to list in Shanghai Index

By Marc Castro

Mar 09, 2013 12:25 PM EST

According to People's Insurance Company of China Group's Chairman Wu Yan, it would be completing an A share listing by the third quarter of 2013. PICC is China's largest insurers and is owned by the Chinese government.

The company is one of the last state owned firms to be publicly listed and had its first IPO in Hong Kong last December 2012. The proceeds of the IPO amounted to US$3.1 billion. There was a planned dual listing in Shanghai that time, but regulators forced the cancellation of the Shanghai listing.

According to Chairman Wu, "Last year's success of our H-share debut boosted our confidence so for the A-share listing, we would rather select a more appropriate time window and I think it is possible in the second half."

The Chinese market watchdog, the China Securities Regulatory Commission, suspended domestic IPO approvals last November in order to reduce equity supply and balance a stock market that has been on a downward spiral after its peak back in 2007. 

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics