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PICC Group delays US$4-bln HK IPO

Jun. 28, 2012 (China Knowledge) - PICC Group or the People's Insurance Co (Group) of China, has decided to put off its long-planned initial public offering in Hong Kong due to weak market conditions, said sources familiar with the matter.

State-controlled PICC Group, which originally planned to list on the Hong Kong bourse in July, is likely to revive its US$4-billion Hong Kong IPO in September, which is expected the largest IPO in Hong Kong this year.

On Jun. 21, the Chinese insurer passed the listing hearing of the Hong Kong Stock Exchange.

PICC Group, the parent company of PICC Property & Casualty Co<2328>, saw its total revenue rise 9.8% YoY to RMB 290.74 billion and its insurance premium income grow 8.5% YoY to RMB 248.31 billion in 2011. At the end of last year, the group's total assets had increased 32.7% from a year earlier to RMB 585.6 billion.

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