HONG KONG Nov 21 Chinese state utility State
Grid Corp and machinery maker Sinomach were among a
group of 16 companies that pledged $1.35 billion as cornerstone
investors in PICC Group's up to $3.6 billion Hong Kong initial
public offering, sources with direct knowledge of the plans told
Reuters on Wednesday.
State Grid agreed to buy $300 million worth of shares in the
IPO, added the sources, who were not authorized to speak
publicly on the matter. Chinese machinery group China National
Machinery Industry Corporation (Sinomach) pledged
$150 million, while fund manager Munsun AM agreed to another
People's Insurance Company (Group) of China Ltd, one of the
country's largest insurers, set the price for the IPO, the
largest in Hong Kong in two years, earlier on Wednesday.