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Chinese insurer PICC opens up 3.16% in Hong Kong debut

Published on Dec 7, 2012 10:07 AM
A man walks past a backdrop during an investors meeting of the People's Insurance Company (Group) of China Ltd (PICC) in Hong Kong, in this file picture taken on Nov 22, 2012. -- PHOTO: REUTERS

HONG KONG (AFP) - Chinese insurer PICC rose on its trading debut in Hong Kong on Friday, after making a lower-than-expected US$3.1 billion in the Asian financial hub's biggest share sale this year.

The state-owned company opened at HK$3.59, compared with an offer price of HK$3.48.

"This is a milestone development for PICC," its chairman Wu Yan said before hitting the gong to mark the beginning of the firm's trade.

"PICC is a pioneer in the Chinese insurance industry. It has become one of the fastest-growing insurance companies.

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