HONG KONG Nov 15 Chinese state-owned insurer
PICC Group is in advanced talks with American International
Group Inc, China Life and at least
two other companies to become cornerstone investors in its up to
$4 billion Hong Kong initial public offering, Thomson Reuters
publication IFR reported on Thursday, citing sources.
Other potential cornerstone investors include French
reinsurance company Scor and Chinese utility State
Grid Corp (SGCC), IFR said.
Other insurance companies in Asia, as well as a number of
large Chinese state-owned companies, may also join as
cornerstone investors, although the final tally may change as no
definitive agreements have been signed.
China Life and State Grid did not return e-mail or phone
requests for comment on the PICC deal, while Scor could not be
reached, IFR said. AIG's Hong Kong spokesman had no immediate