PICC gets green light for Shanghai IPO
China's securities regulator has approved the initial public offering (IPO) application by Chinese insurance giant People's Insurance Company (Group) of China Limited (PICC), according to state-run press agency Xinhua.
PICC and its underwriters will confirm the schedule for listing at the Shanghai Stock Exchange and release the prospectus following discussions with the stock exchange, according to the report.
Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval to registration-based IPO system.
Headquartered in Beijing, PICC became a listed company on the Hong Kong Stock Exchange in 2012. With its return to the A-share market, the company will become China's fifth insurance company listed on both the A-share (domestic) and H-share market.
In the first half of 2018, the premium income of PICC reached ¥286.16 billion ($41.6 billion), up 2.3 percent year on year, according to the company's half-year report.
The company's net profit saw a 12.2-percent rise to ¥14.35 billion in the first half of 2018. The combined ratio of PICC P&C moved slightly up to 95.9 percent from 95.5 percent over the period.
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