PICC gets strong 'cornerstone' interest in US$3.6b Hong Kong IPO

PICC, the mainland’s No.1 non-life insurer, says more than a dozen institutional investors have shown a strong interest in its US$3.6 billion initial public offering – Hong Kong’s largest listing for two years.

By Wednesday morning, at least 16 institutional investors from the mainland and abroad, including China Life, China’s No.1 life insurer and Japan’s Tokio Marine, had agreed to buy a combined US$1.35 billion slice of PICC’s planned IPO – which so far represents about 37 per cent of the entire offer.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1087482/picc-gets-strong-cornerstone-interest-us36b-hong