Show me the money, PICC tells long list of banks

State-owned Chinese insurance company PICC Group has drawn up a short-list — albeit a very long one — of 17 banks that could get a role on the H-share portion of its upcoming initial public offering, sources said yesterday. The deal is highly awaited as it is likely to be one of the biggest IPOs in Asia this year, potentially raising as much as $4 billion to $6 billion from an A- and H-share listing combined.