PICC Group to launch Shanghai IPO 'at appropriate time'

People's Insurance Company (Group) of China (PICC), one of the country's largest insurance groups, will float shares in Shanghai at an appropriate time, the company said in a statement on Thursday.

"With the recovery of China's economy, the A-share market will be back to a growth track again, and we will seek an appropriate opportunity to launch an IPO in Shanghai," said Wu Yan, chairman of PICC Group.

PICC Group went public in Hong Kong on Dec 7 to raise about HK$24 billion ($3.09 billion), the biggest IPO in the city last year. The shares rose 6.9 percent to HK$3.72 on the first trading day.

On Monday, PICC Group was included in the Heng Seng Index.