China's PICC to market up to $3 bln Hong Kong IPO mid-Nov
HONG KONG, Oct 12 (Reuters) - China's state-owned insurer PICC Group is tentatively looking to start pre-marketing its proposed up to $3 billion Hong Kong initial public offering in mid-November, IFR reported on Friday citing sources.
The company, China's top non-life insurer, is expected to list in mid-December, the report said, adding that the start of pre-marketing would depend on how much demand the insurer can secure before the deal is formally launched to the market.
PICC is planning to raise as much as $6 billion through a dual listing in Hong Kong and Shanghai, sources previously told Reuters.
The Hong Kong offer is expected to come before the Shanghai one, IFR reported, as there is no sign that China's securities regulator, the China Securities Regulatory Commission, would allow any large flotations in a weak domestic market.
China International Capital Corp, Credit Suisse and HSBC are sponsors of the deal. PICC has chosen a record 17 banks to arrange its planned IPO.
(Reporting by Fiona Lau and Jing Song; Writing by Stephen Aldred; Editing by Helen Massy-Beresford)
Keywords: PICC IPO/