The national pension fund of China National Council for Social Security Fund has acquired an 11% stake in People’s Insurance Company (Group) of China (PICC), NASDAQ reports. The stake is estimated to be worth about $1.5 billion. PICC is planning to launch an initial public offering (IPO). The shares are expected to be listed in Shanghai and Hong Kong. China’s Ministry of Finance previously owned 100% of PICC.
Click here for the story from NASDAQ.
