Big Investors Flock to PICC Offering

The initial public offering of People's Insurance Co. (Group) of China Ltd., one of the biggest offerings in the world this year, is attracting a slew of large buyers ranging from U.S. insurer American International Group Inc.

 AIG -0.17% to the company that runs China's electric power grid. AIG is planning to invest $500 million in PICC, one of its biggest investments in Asia since being bailed out by the U.S. government during the financial crisis, according to three people with direct knowledge of the matter. The planned investment in China's fourth-largest insurer would be a reversal for AIG, which was forced by the U.S. government to sell most of its crown jewel Asian life-insurance operation, AIA Group Ltd., to help repay bailout money.

 The IPO of PICC, which is seeking to raise up to US$3.6 billion, is the biggest offering of a Chinese state-owned company since 2010 and could mark a revival of the Hong Kong IPO market, which for the past three years has been the world's hottest but has suffered this year as investors soured on Chinese companies and grew worried about slowing growth.

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