The People’s Insurance Company of China (PICC), China’s leading property insurance company, has downsized and delayed its planned initial public offering on the A-share market due to the turbulence currently roiling the country’s stock market, Bloomberg reports.
PICC will offer 1.8 billion A-shares, down from 2.3 billion, and will only proceed with the offering at the “optimal time in light of market conditions,” the company told the Hong Kong stock exchange in a statement Monday.
The IPO would raise around $863 million, making it the third-largest in China this year after Foxconn Industrial Internet Co and Shenzhen Mindray Bio-medical Electronics.