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China’s NCSSF Buys PICC Stake For $1.5B

The national pension fund of China National Council for Social Security Fund has acquired an 11% stake in People’s Insurance Company of China.

    The national pension fund of ChinaNational Council for Social Security Fundhas acquired an 11% stake inPeople’s Insurance Company (Group) of China(PICC), NASDAQ reports. The stake is estimated to be worth about $1.5 billion.

    PICC is planning to launch an initial public offering (IPO). The shares are expected to be listed in Shanghai and Hong Kong. China’s Ministry of Finance previously owned 100% of PICC.

    Click here for the story fromNASDAQ.

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