May. 16, 2012 (China Knowledge) - PICC Group or the People's Insurance Co (Group) of China is expected to raise between US$4 billion and US$6 billion through a dual listing in Shanghai
and Hong Kong
this year, sources reported.
The insurer has invited investment banks to bid for underwriting the dual listing, according to sources familiar with the matter.
PICC Group, the parent company of PICC Property & Casualty Co<2328
>, is expected to launch the largest IPO in Asia this year.
In the first half of 2011, the group's total revenue reached RMB 159.62 billion, of which RMB 137.94 billion was insurance premium income, reflecting a growth of 10.9% year on year.
At the end of June last year, the group's total assets had grown 47.7% year on year to RMB 500 billion.