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People’s Insurance Company (Group) of China Limited (PICC) has received permission from the market’s securities regulator for a listing on the Shanghai Stock Exchange.
PICC and its underwriters will confirm the schedule for the IPO and release the prospectus following discussions with the bourse, reported state media arm Xinhua, citing a statement from the China Securities Regulatory Commission (CSRC)
Under current IPO rules, new shares must obtain approval from the CSRC. However, China is gradually shifting from an approval to a registration-based IPO system, the report said.
PICC, which is headquartered in Beijing, listed on the Hong Kong Stock Exchange in 2012. With its return to the A-share market, PICC will become China’s fifth insurer listed on both the mainland Chinese and Hong Kong stock markets.
In the first half of 2018, PICC’s premium income reached RMB286.16 billion (about US$41.6 billion), a 2.3% year-on-year increase, according to the company’s mid-year report. Meanwhile, its net profit rose 12.2% to RMB14.35 billion (US$2.09 billion) in the first half.
