People's Insurance Group of China Co (PICC), the parent of China's biggest non-life insurer, aims to raise over 10 billion yuan (US$1.6 billion) in a planned listing on the Shanghai Stock Exchange, reports Reuters.
In a filing with the Hong Kong stock exchange, where it is already listed, PICC said it plans to issue up to 4.6 billion A-shares for the mainland listing.
The IPO proceeds will be used to replenish the insurer’s capital, according to the filing.
PICC’s listing in China would come more than five years after the company went public in a US$3.1 billion offering in Hong Kong.
PICC is the parent of PICC Property and Casualty Co, which is also listed in Hong Kong.