PICC P&C draws strong demand for H-share rights issue

PICC Property Casualty, the non-life insurance arm of Chinese insurance giant PICC Group, has received strong demand for the H-share portion of its renounceable rights issue, which closed yesterday.

The offering, which will result in HK$2.25 billion $290 million of fresh capital for PICC PC, was multiple times covered including excess applications, sources say. As of last night, it was still unclear how big a portion will be available for allocation to investors who submitted excess applications, but it is expected to be no more than 10%.

The strong reception is encouraging in light of the challenging market environment since the rights issue was first...