Steep Descent Expected for China's Biggest Property Insurer
- PICC’s mainland-traded shares need to fall 50%: China Vision
- Shanghai-listed stock more than doubled in 10 trading days
This article is for subscribers only.
Shares in China’s largest property insurer have started their descent back to Earth and according to analysts, it could be a prolonged and rocky journey.
People’s Insurance Co. (Group) of China Ltd.’s mainland-traded stock rocketed more than 100 percent over 10 trading days starting Feb. 22. The steep rise prompted a rare sell recommendation from Citic Securities Co, the nation’s largest brokerage. The downgrade triggered a sell-off in the A-share market Friday as traders took it as a sign that the government wants to slow down the rally of the Chinese stock market.