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HONG KONG (Reuters) – Chinese state-owned insurer PICC Group has secured pledges from American International Group (AIG) and other investors to buy about half of its up to $3.6 billion IPO, set to be the biggest in Hong Kong in two years.

The long-awaited offering is set to be priced on Nov. 30. Underwriters have revised down the company valuation and the IPO size, sources with direct knowledge of the deal said, underscoring the tough environment for fundraising and PICC’s need to boost its capital base to support business growth.

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