State-owned China Reinsurance Corp, the country's biggest reinsurer, plans an initial public offering of up to $2 billion in Hong Kong, the Wall Street Journal reported, citing people with direct knowledge of the deal.
The company is working with UBS AG and HSBC Holdings Plc on preparations for the IPO, which it plans to launch in the first half of next year, the Journal reported.
A representative of the company could not be immediately reached for comment.
Beijing is trying to give private capital a bigger role in China's massive and debt-laden state sector.
In July, a Chinese government agency overseeing state-owned firms identified six companies that will be part of the reform process. China Reinsurance Corp was not among those listed.
(Reporting by Ankush Sharma in Bangalore; Editing by Gopakumar Warrier and Ted Kerr)