State-owned People’s Insurance Company (Group) of China (PICC) is planning to sell shares worth $5-6 billion, The Wall Street Journal reports. The shares will be sold in a dual listing in Hong Kong and Shanghai this year.

China International Capital Corporation (CICC), HSBC and Credit Suisse will manage the sale, adds Reuters. Last month PICC, the parent of Hong Kong-listed insurer PICC Property & Casualty, sold an 11% stake to the National Council for Social Security Fund for $1.55 billion.

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