Major PICC investor offloads stakeBusiness | Stella Zhai 10 Jul 2020
People's Insurance Company of China (1339) said its second-largest investor, National Council for Social Security Fund (NSSF), plans to offload 884 million, or no more than 2 percent, of total issued shares of the insurance group.
The NSSF will begin reducing its shares by way of call auction or block trade transfer within a six-month period in 15 trading days, said the company. PICC mentioned that NSSF has not sold A-shares of the company held within the past 12 months.
PICC also stressed that the shareholding reduction plan is a regular investment business arrangement on the part of NSSF, adding that the shareholding reduction plan and transfer of state-owned capital are independent of each other.
The transaction will be implemented by a manager entrusted by NSSF, while the number and selling price of those shares remain unclear.
Shareholders and potential investors in the company are advised to exercise caution when dealing in the company's stocks, it said.
Shares of PICC stayed flat at HK$3.02 yesterday.