The China Securities Regulatory Commission has approved a proposed IPO by the People's Insurance Company (Group) of China (PICC).
The state-owned (re)insurer, already listed in Hong Kong, applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according to the company's prospectus filed with the China Securities Regulatory Commission (CSRC).
The IPO is expected to raise at least 10bn yuan (c.$1.6bn), according to analysts.
PICC will be joining four other major insurers, including Ping An Insurance and China Life Insurance, to be listed on the both Hong Kong and the domestic A-share market.
This will be the first (re)insurance IPO on the A-share market since 2011.