PICC's major shareholder plans to reduce stake

Business | 9 Jul 2020 7:17 pm

China' National Council for Social Security Fund plans to sell no more than 884.48 million unrestricted A shares, or 2 percent of stakes, by call auction or block trade transfer within six months in The People's Insurance Co. (Group) of China (1339), the mainland insurer announced.

NSSF currently holds 7.32 billion A shares and H shares in PICC, accounting for around 16.54 percent of total issued shares, and it is the second-largest shareholder of the company.

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