PICC seeks US$2b from Shanghai IPO

HONG KONG: PICC Group, parent of China’s biggest non-life insurer, said it plans to sell shares in Shanghai as it seeks fresh funds to expand, in a deal valued at about US$2 billion (RM8.64 billion). PICC’s listing in China would come more than four years after the company went public in a US$3.1 billion offering, here. It said on Tuesday it planned to sell not more than 4.6 billion shares, pending approvals from its shareholders and regulators.