Posted on July - 16 - 2011
CICC, HSBC, Credit Suisse to lead PICC listing-paper
HONG KONG – STATE-OWNED People’s Insurance Company of China Group (PICC), one of country’s largest insurers, has chosen China International Capital Corporation (CICC), HSBC and Credit Suisse to lead a planned listing in Hong Kong and Shanghai, the South China Morning Post reported on Saturday.
The paper did not say how much the insurance company planned to raise. CICC confirmed the appointment and said the investment bank would act as lead manager, the paper said.
HSBC and Credit Suisse declined comment, when contacted by Reuters on Saturday. CICC could not immediately be reached for comment.
The insurance company will start a ‘pre-road show’ on Saturday, said the paper, citing anonymous sources.
PICC, the parent of China’s largest property insurer PICC Property & Casualty Co, had submitted an initial public offering application to the State Council in May, the China Securities Journal reported on Friday.
The group is still waiting for approval from the China Insurance Regulatory Commission.
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