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BEIJING (Reuters)—One of China's largest insurers, the state-owned People's Insurance Co. of China Ltd., hopes to complete a dual listing in Shanghai and Hong Kong this year, the firm's chairman said.
Wu Yan also said the firm is targeting double-digit growth in earnings this year.
PICC's offering—expected at around $5 billion to $6 billion, according to sources—comes amid an expected flurry of activity in China's financial services industry over the coming months as companies look to raise funds to bolster their balance sheets.
"We are speeding up preparations for the listing, and if the window is right we hope to list earlier and of course we hope that the listing is completed by this year," Mr. Wu told Reuters on the sidelines of an annual parliamentary meeting over the weekend.
PICC, the parent of China's largest property insurer, PICC Property & Casualty Co., started a series of road shows around the world in July to attract strategic investors.
Mr. Wu said the firm was looking to attract not only European and American investors, but also investors in Asia.
State-owned PICC saw its collecting of premiums grow 11% in the first half of 2011 to 138 billion yuan ($21.87 billion) and its assets jump 48% to 500 billion yuan ($79.25 billion), the China Securities Journal reported in August. Revenue was 160 billion yuan ($25.36 billion), it said.