Jiang Tai Insurance Brokers, one of China's biggest insurance brokers, is expected to float its shares on the Shenzhen Stock Exchange's SME board next year, the company's chairman Shen Kaitao has said.
"We will submit our listing materials to the securities regulator in May next year. If everything moves on smoothly, the company will be listed on the SME board of the Shenzhen Stock Exchange in the second half of 2018," he said.
Jiang Tai, with an expected commission income of around CNY900 million (US$136 million) this year, will be the country's second listed insurance broker, reported China Daily. In July, Mingya Insurance Brokers had filed for a listing on the National Equities Exchange and Quotation or NEEQ.
At the end of 2016, there were more than 400 insurance broking companies in China, compared with 14 insurance groups, 179 insurance companies and 37 insurance asset management companies.
Last year, premiums raised through insurance brokers totalled CNY69.4 billion or 2.2% of the total premium income of CNY3.1 trillion, according to the CIRC.