The People’s Insurance Company of China (PICC) is to list on the Hong Kong stock exchange after securing $US1.85 billion ($1.78 billion) in pledges from investors.

The company, one of China’s largest insurers, will raise more than $US3.6 billion ($3.46 billion) selling 16.7% of its equity at the end of the month, with commitments from cornerstone investors accounting for half that.

Earlier plans to also list in Shanghai have been put on hold.

US insurer AIG is the largest investor, pledging $US500 million ($481.22 million).

It aims to build a new presence in China by agreeing to a joint venture with PICC and pledging not to sell more than 25% of its stock for five years without the Chinese group’s consent.

PICC signed up 17 investors, including Tokio Marine with $US50 million ($48.12 million), plus China Life Insurance, Yuexiu REIT and Sinosure with $US100 million ($96.24 million) each.

French reinsurer Scor will invest $US50 million ($48.12 million), Russian Insurance will add $US25 million ($24.06 million) and a range of other Chinese financial and infrastructure groups are involved.

Of the remaining shares, 95% will be offered to institutions and only 5% to private investors.

The listing is the largest on the Hong Kong exchange since October 2010, when AIG sold its Asian operation AIA for $US20.5 billion ($19.72 billion) to pay help back a $US182 billion ($175 billion) government bailout.

PICC is the parent of Hong Kong-listed PICC Property and Casualty. It has a nationwide presence in China, with 2.42 million institutional customers and 130 million individuals.