PICC Issues More Shares amid Rising Demand

(Beijing) – People's Insurance Co. (Group) of China (PICC) has issued additional shares shortly after its debut on the Hong Kong stock exchange in an effort to smooth out price fluctuation as demand rose for its securities in the secondary market.

The over-allotment, referred to as greenshoe option, allows the insurer's underwriters to sell up to 15 percent more shares than the original number set by the issuer to increase the stock's supply when demand proves higher than expected.