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PICC Group to complete shareholding reform this year

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-02-26 19:35

PICC Group, one of the country's largest insurance groups, will complete its shareholding reform this year, paving the way for a possible listing, a top executive said on Thursday.

"We'll strive to finish the shareholding reform this year, but the timing of the listing depends on the market and other factors," said PICC President Wu Yan.

PICC Group set up a special team at the beginning of 2008 to promote an A-share offering, but the listing plan was delayed by the sluggish market and claims for last year's major natural disasters.

Wu told China Daily that PICC won't participate in bidding for AIG's Asian subsidiary American International Assurance Co.