People's Insurance Company (Group) of China may seek as much as $3 billion in an initial public offering in Hong Kong in October or November while postponing a Shanghai listing, according to two well-placed industry sources.

The State-owned insurer, which initially planned a dual listing in the two cities, may put the Shanghai portion of the sale on hold as mainland regulators have yet to approve the deal, according to the sources, who asked not to be identified.

According to industry estimates, PICC had aimed to raise as much as $5 billion through the IPO in Hong Kong and Shanghai.

The figure would have made it this year's third-biggest stock market debut after Facebook Inc and Japan Airlines Co, and the largest in Hong Kong since October 2010, show data compiled by Bloomberg. The company, based in Beijing, is believed to have received approval from Hong Kong Stock Exchange in June to sell shares in the city.

China Daily - Agencies