Share in PICC rises 6.9% on Hong Kong debut

HONG KONG, Dec. 7 (Xinhua) -- The People's Insurance Company ( Group) of China (PICC) rose 6.9 percent to 3.72 HK dollars (about 0.48 U.S. dollars) on its trading debut in Hong Kong on Friday, after making a 24 billion HK dollars share sale, the biggest IPO in the city this year.

The state-owned company opened at 3.59 HK dollars, compared with an offer price of 3.48 HK dollars. The turnover was 5.25 billion HK dollars, making PICC the most active stock on Friday.

Chairman of PICC Wu Yan said the company's stock price reflects the investors' expectation and confidence in PICC, and as the China Insurance Regulatory Commission further eases the regulatory policy on the use of insurance funds, the asset allocation in insurance firms will be more diversified, in a way to counter the market volatility.

Founded in October 1949, PICC was the first nation-wide insurance company in China, ranking 292nd on the Global 500 (2012) published by Fortune magazine. (1 U.S. dollar equals to 7.75 HK dollars)

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