Mainland's State-owned insurer and financial conglomerate PICC Group's application for a public offering on the A-share market has been approved by the authorities. Any such offering, if successful, would enable the company raise more than 12 billion yuan ($1.8 billion).

The Hong Kong-listed company said on Wednesday that the China Securities Regulatory Commission has accepted its application for an A-share listing.

The company said that it plans to issue no more than 4.599 billion shares in an initial public offering, accounting for 9.78 percent of its equity base. H-share equities would account for 18.56 percent of its equity base, and the remaining 71.66 percent would be shares issued by domestic companies.