BCN-45 Insurance giant PICC gets green light for Shanghai IPO

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ZCZC

BCN-45

CHINA-ECONOMY-INSURANCE-IPO

Insurance giant PICC gets green light for Shanghai IPO

BEIJING, Sept. 29 (BSS/Xinhua) — China’s top securities regulator has
approved the IPO application by Chinese insurance giant People’s Insurance
Company (Group) of China Limited (PICC).

The company and its underwriters will confirm the schedule for listing at
the Shanghai Stock Exchange and release the prospectus following discussions
with the bourse, according to a statement from the China Securities
Regulatory Commission (CSRC).

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.

PICC, with headquarters in Beijing, 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 and H-share market.

In the first half of 2018, the premium income of PICC reached 286.16
billion yuan (about 41.6 billion U.S. dollars), 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 yuan in
H1.

BSS/XINHUA/SR/1955 HRS