China's securities regulator has approved an application for a share offer and listing in Shanghai by the People's Insurance Company (Group) of China Limited (PICC).
The company, already listed in Hong Kong, applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, reports the Xinhua news agency citing the company's prospectus filed with the China Securities Regulatory Commission (CSRC).
The share offer is expected to raise at least CNY10 billion ($1.6 billion), analysts said.
PICC's net profit attributable to equity holders last year stood at about CNY16.1 billion, up 13% year on year, according to its annual report filed on the Hong Kong Stock Exchange.
PICC will be joining four other major insurers, including Ping An Insurance and China Life Insurance, to be listed in both Hong Kong and the domestic A-share market. This will be the first insurance share offer on the A-share market since 2011.