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China's state-owned comprehensive insurer, the People's Insurance Group of China (1339.HK), announced on Monday that the number of A shares issued was set at no more than 1.8 billion, 20 percent less than the size approved by the China Securities Regulatory Commission.
In May last year, the People's Insurance Corporation of China proposed to issue up to 4.6 billion shares of A shares on the domestic stock exchange. Up to September, the China Securities Regulatory Commission (CSRC) has notified the issuance of no more than 2.3 billion shares of A shares.
In a further announcement this morning, the People's Insurance Corporation of China said, "In combination with the company's A-share offering plan and the authorization of the shareholders'meeting and the board of directors on the specific issues of A-share issue, the number of A-share issuance will be determined to be no more than 1.8 billion; at the same time, strategic placing will be implemented to sell some of the shares to meet the requirements of laws and regulations and in line with the company's development strategy. Investors seeking. "
The company also said that according to the current situation of the capital market and related issuance conditions, the company will take the opportunity to promote A-share issuance combined with the market situation.
China's State Council Financial Stability and Development Commission held a special meeting on preventing and defusing financial risks on Saturday, saying it is necessary to balance steady growth with risk prevention and give full play to the function of the capital market as a hub. On the same day, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued separate press releases saying that Vice Premier Liu He's requirements on the stable and healthy development of the capital market will be thoroughly implemented, and market risks will be actively guarded against and defused to maintain the stable and healthy development of the capital market.


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