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Chinese regulator approves PICC Group's Shanghai IPO

The Main Board Issuance Approval Committee of the China Securities Regulatory Commission has approved People's Insurance Co. (Group) of China Ltd.'s proposed IPO of not more than 4,598,807,861 A shares on the Shanghai Stock Exchange.

However, the company has not yet received the written approval from the regulator. The company plans to make further announcement upon receipt of the official approval.

Hong Kong-listed PICC Group is seeking a secondary listing in Shanghai to raise additional capital. The company posted an IPO prospectus on the regulator's website April 9.

China International Capital Corp. Ltd. and Essence Securities will be the lead sponsors of the deal, while CITIC Securities Co. Ltd. and Goldman Sachs Gao Hua Securities will serve as joint lead sponsors.