PICC moves closer to listing

China’s Ministry of Finance has approved People’s Insurance Company of China’s (PICC) transformation from a solely state-owned enterprise to a share-based structure in which Beijing holds the majority stake, readying the country’s largest insurer for listing, state media reported. Wang Xiaogang, senior analyst with Orient Securites, said the move is "definitely positive news for the company, and their imminent listing as a whole group will help PICC to fight the sliding solvency ability." PICC is currently looking for a domestic strategic investor prior to any listing, with potential partners including financial institutions or a large industrial enterprise.