HONG KONG Nov 15 China state-owned insurer PICC
Group started meeting institutional investors in Hong Kong on
Thursday to gauge demand for its listing, which could raise as
much as $4 billion and be the largest IPO in the city in more
than a year, a source with direct knowledge of the plans said.
People's Insurance Company of China Group (PICC), one of the
country's largest insurers, will offer 6.9 billion new shares,
equivalent to a 16.7 percent stake in the company, added the
source, who was not authorised to speak publicly on the matter.
PICC hired a record 17 banks to help underwrite the IPO. The
company is the parent of China's largest property insurer, Hong
Kong-listed PICC Property & Casualty Co.