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Nov 27 (Reuters) - State-run insurer People’s Insurance Company of China Group will issue about 30 billion yen ($365 million) of shares in Japan in conjunction with its initial public offering on Dec. 7 on the Hong Kong Stock Exchange, the Nikkei reported.
PICC’s plans to raise money in Japan come at a time when business relations between China and Japan have deteriorated sharply after Japan bought a few uninhabited islands in the East China Sea that are claimed by both countries.
Daiwa Securities Co Ltd will be the lead underwriter for PICC’s Japanese offering, the Nikkei said.
Separately, Tokio Marine Holdings Inc will invest about 4 billion yen, the daily said. ($1 = 82.1200 Japanese yen) (Reporting By Pallavi Ail in Bangalore)