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.