China Insurer PICC Cuts Size of IPO in Response to Collapse in Market Prices

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The People’s Insurance Company (Group) of China Ltd., the nation’s largest property insurer, cut the size of a planned first-time domestic share sale and indicated it will proceed when the market improves.

The company will offer a maximum of 1.8 billion A-shares, less than the 2.3 billion earlier approved by the Chinese securities regulator, the company told Hong Kong’s stock exchange on Monday.
According to the statement, the PICC will proceed ”the most appropriate time in the light of market conditions Açık.

In China, the stock markets had a bad year in excess of $ 3 trillion since January. The Shanghai Composite Index fell nearly 30 percent since it was far behind, with the 2014 Hong Kong Hang Seng Index a 23 percent retreat to the highest level this year.

The company’s sale of 1.8 billion shares will increase by $ 863 million, depending on the final closing price in Hong Kong. This year, this year, China’s Foxconn Industrial Internet Co. and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

China Securities Regulatory Commission, last month, the company has sold its shares.

PICC has been pressuring for higher margins in its life insurance unit, as Bloomberg Intelligence analyst Steven Lam said this month, as overall premium growth slows between both regulatory and property and property sectors.

Ping An Insurance Group Co. Like, PICC is using AI and large data to propose insurance products and offer healthcare management to individual customers.

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