PICC gets green light to list on Shanghai Stock Exchange

China's securities regulator has given the People's Insurance Company of China (PICC) the green light to list on the Shanghai Stock Exchange.

The company, already listed in Hong Kong, has applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according to the company's prospectus filed with the China Securities Regulatory Commission (CSRC).

The initial public offering (IPO is expected to raise at least ¥10 billion (about $1.6 billion), some analysts have suggested.

PICC's made a net profit about ¥16.1 billion in its last full year, up 13 percent year on year, according to its annual report.

PICC will join four other insurers including Ping An Insurance and China Life Insurance, which are listed in both Hong Kong and the domestic A-share market.

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