Are the bulls coming? Photo: Reuters/Bobby Yip

State-owned financial conglomerate PICC Group said on Wednesday that the China Securities Regulatory Commission has accepted its application for going public on the A-share market, the 21st Century Business Herald reported.

According to an announcement it released in May, the group is planning to issue less than 4.599 billion shares via the Initial Public Offering, accounting for about 9.78% of its equity base.

The funds raised could reach about 13.68 billion yuan (US$2.08 billion) based on Wednesday’s closing price, which was HK$3.5 (44.8 US cents) per share.

“The offering size will be reconsidered based on the market situation, regulations and the company’s financing demand,” said an anonymous source close to PICC.

Previously, the company planned to list on both the A- and H-share market, but it was rejected at the time due to the existing sluggish capital market.