People's Insurance Company (Group) of China (HKG:1339, SHA:601319), or PICC, plans to place 15 billion yuan worth of Shanghai-listed shares, or A shares, to China's Ministry of Finance, according to a Friday disclosure on the Shanghai bourse.

The insurer will place shares representing up to 10% of the company's total shares.

The ministry currently holds 26.9 billion shares, or 60.8% of the company's total A shares.

The company's control will not change after the share placement.

PICC's Hong Kong shares slipped 1% during the morning trade.