Ping An's Shanghai IPO approved

Ping An Insurance will issue shares on the Shanghai Stock Exchange. The China Securities Regulatory Commission approved the application for an initial public offering by China's second-biggest life insurer by premiums after China Life Insurance, Reuters reported. Ping An could raise more than US$3.86 billion, making it the country's second-biggest domestic IPO, again after China Life. The company plans to issue 1.15 billion yuan-denominated A shares, which would comprise 15.66% of its expanded share capital. The company is 19.9% owned by HSBC Holdings and is already listed in Hong Kong.