PICC P & C development pattern PICC Life's very different, both total assets and net assets or net profit, PICC were far ahead of the latter was removed in recent years, as domestic veteran level of comprehensive insurance company, China People's Insurance Group Co., Ltd. (hereinafter referred to as Chinese people's insurance, 2601.HK) finally ushered in a historic moment。  June 5, China Securities Regulatory Commission issued the seventeenth issuance examination committee in 2018 85th working meeting the audit results announcement shows that the Chinese People's Insurance will be successful too。This means not only the first time in six years, the A-share market will more than one insurance stocks also means following the China Life Insurance (601628.SH), China Ping An (601318.SH), China Pacific Insurance (601601.SH) and Xinhua Insurance (601 336.After SH), "A + H" ushered "giant" insurance firms on the market new faces。  According to the prospectus disclosure, the Chinese People's Insurance plans to issue not more than 45 in the Shanghai Stock Exchange.9.9 billion shares, no more than after the release of total share capital of 9.78% of funds raised will be used to replenish the company's capital。China People's Insurance issued shares ranked eighth in the history of a share, in nearly eight years, a new high-share IPO。  Of course, "Big Mac" character not only in the number of shares issued and the amount of fund-raising, the company also includes body mass。By the end of 2017, the total assets of China Life Insurance 9879.7.3 billion have been approaching the order trillion。According to conservative estimates, this amount of financing will be more than ten billion。  However, this only years of wandering in the A-share threshold, "elephant", after the successful listing can bring surprises investors?Market from different perspectives。"Although China PICC is also the layout of science and technology in the financial sector, but in this area and has long roots in China's Ping An, the Chinese insurer is quite traditional, state-owned constitution is clear that investment is not optimistic。"Some market participants says。  Public markets indomitable Chinese People's Insurance armor back after the news came out, the market's most concerned about is its 45.9.9 billion shares to be issued shares。A share issue from the point of view of history, which has Jinruqianba, standing in the front of the Agricultural Bank (601288.SH), Industrial and Commercial Bank (601398.SH), China State Construction (601668.SH), Construction Bank (601939.SH), China Everbright Bank (601818.SH), Bank of China (601988.SH), China Railway Group (601390.SH)。And before the four listed insurance firms China Life, Ping An, China Pacific Insurance, New China Life Insurance shares the first episode were 15 million shares, 11.500 million shares and 10 million shares and 1.5.9 billion shares。  Standing on the starting point, China PICC may have mixed feelings。Although called the industry veteran, but it is not a smooth road to market, "return PICC A shares" to "Group A + H sync," and "Group?Shares first "forced change, which is sad, perhaps only its own can understand。  It is understood that, as early as 2008, China PICC will announce the overall listing plan。But until China Life, Ping An, China Pacific Insurance and New China Life Insurance after another "A + H" after shares listed simultaneously, the company is still hovering outside the door in A shares。  May 2011, Chinese People's Insurance put the "A + H" shares listed simultaneously plan submitted to the State。In May 2012, the State Council approved the program。The thought that long-cherished wish finally realized, however, left behind after the restructuring in mid-2009 solvency deficiency problem has become increasingly prominent, relevant indicators and even once approaching the red line supervision。Annual data show that in 2009, the company's solvency was 111%, to 115% of only 2010。  Seeing the A-share listed target difficult to, in order to replenish capital, desperation had to choose Chinese People's Insurance?Shares advance。December 2012, China PICC successfully landed?Shares at 68.9.8 billion new shares to raise funds of HK $ 23.2 billion, the largest IPO Hong Kong stock market hit a year。Since then, its solvency ratio has remained above 200%。  By 2015, under the bull market, China People's Insurance A plan put forward back again, but this plan again abortion。May 16, 2017, Chinese People's Insurance and on the HKEx announced the proposed landing the Shanghai Stock Exchange, and this time, finally progress。  Now, from 2011, China PICC submitted to the State Council "A + H" shares listed simultaneously scheme has been in the past 7 years。A share market twists and turns of the road, and finally usher in a turning point。  PICC Life net profit fell seriously China People's Insurance is a life insurance and property insurance for the main business of the comprehensive insurance financial group, founded in mid-1949, the predecessor of the Chinese People's Insurance Company。Prospectus shows that China's PICC has 13 principal subsidiaries, covering direct insurance, reinsurance, insurance intermediaries, and information management and other fields, and include direct insurance and property and casualty insurance, life insurance, health insurance, pension insurance full license, distributed in mainland China, Hong Kong and Europe。  Up to now, China PICC's main shareholder is the Ministry of Finance, the social security fund, H Shareholders。Among them, the Ministry of Finance holds 70.47% of domestic shares, respectively Social Security Fund holds 8.Domestic 1 and 96%.24%?Shares, other?Shareholders accounting for 19.33%。  However, with the Chinese People's Insurance, a subsidiary of PICC and PICC Life's development pattern is very different。From the prospectus visible, whether it is total assets, net assets or net profit, PICC have been far ahead。  Data show that, in terms of body mass, at the end of 2017, consolidated total assets of Chinese People's Insurance 9879.7.3 billion yuan, of which, PICC accounting for over five percent, up to 5246.5.3 billion yuan; the proportion was 38 PICC Life.64% of 3818.0.2 billion yuan; in terms of net assets, PICC to 1319.600 million yuan, compared with 318 PICC Life.0.9 billion yuan; net profit terms, PICC recorded last year 197.1.2 billion yuan, PICC Life Insurance is only 6.2.3 billion yuan, a difference of 31.6 times。  It is worth noting that, between PICC Life net profit dips 82 years.58%。Report shows that in mid-2015 PICC Life net profit was also 35.7.6 billion yuan。Perhaps adjusted net profit fell to their business relationship。Report data show that in 2015 PICC Life bancassurance channel accounted for 63.25% in 2017 dropped to 49.69%; dangerous channel mid-2015 accounted for 27.42%, in 2017 it rose to 40.28%。  In addition, according to January-April property insurance companies and life insurance primary insurance premium income this year, China Insurance Regulatory Commission recently disclosed seen from the market share point of view, China's PICC P & C and life insurance market share far。China's PICC Property Insurance original premium income ranked first for 1361.5.6 billion yuan, the market share of up to 33.63%, compared to the same period last year 1170.7.9 billion yuan increase of 16.29%; life insurance, premium income PICC Life 606.5.4 billion yuan, accounting for only 4.84% market share。  With the rise of science and technology into the financial financial technology in recent years, China PICC in the development of the main business, while also increasing investment in science and technology。  In 2014, Chinese People's Insurance Company Internet-based electricity supplier who established premium service。Meanwhile, the Chinese People's Insurance also actively layout technology by financial shares ants gold dress, etc.。  Especially at the end of 2017, the company announced that former chairman Wu Yan transferred to the Social Security Fund Council, vice chairman, took over after former president as chairman Miao Jianmin, China PICC in the financial technology sector continue to increase investment。  According to "investment Times" reporter, PICC gold suit in December 2017 set up a bonbon car into the automotive after market segment after the announcement, in January 2018 launched love-Technology Co., Ltd.。According to the prospectus disclosure, its R & D investment has exceeded the industry average (premium income 0.5%), up to 23.8.2 billion yuan。  It is worth noting that the Chinese People's Insurance valuations much hot market participants。Investment bank said that despite the current A + H shares listed China Life, China Pacific Insurance and three insurance firms NCI A-share price is higher than?Shares, the Chinese People's Insurance is good news, but China Life and NCI are pure life insurance company, CPIC Life is stronger than property insurance, China life insurance business property insurance as the most important model is not the same, so, the three valuation reference number is not yet known。  Some industry analysts said the amount of ten billion fund-raising does not have much impact on the Chinese People's Insurance itself, but in the market environment is not an ideal situation, with such amount of body armor to enter the Chinese insurance shares, will to illiquid markets pose serious challenges。