According to reports, American International Assurance Co Ltd (AIA), the Asian Life insurance subsidiary of insurance major American International Group, has decided not to issue new shares in its targeted initial public offering in Hong Kong.

Meanwhile, the sources added that the company has started the pre-marketing event on September 26.

The company expects the listing of AIA will support pay back the bailout capital from the US government.

According to news, troubled US insurer AIG has bagged sanction for a Hong Kong share sale of its Asian unit, AIA, around 15 billion US dollars, in what could be the world’s second-biggest stock offering in 2010.

The news issued by the Dow Jones Newswires, the city’s stock exchange gave the offering a green signal with AIA likely to get listed on October 29.

According to news, Industrial and Commercial Bank of China, the world’s most profitable lender, has announced that the Ministry of Finance and the Central Huijin Investment Ltd, the local investment division of the country’s sovereign wealth fund, China Investment Corp, will completely take part in ICBC’s rights issue plans.

In July this year, ICBC announced that it had secured sanction from the board of directors to lift up around RMB 45 billion through a rights issue in Hong Kong and Shanghai as a move to fill up its capital.

According to fresh reports, the US-based insurance major American International Group (AIG) has committed to sell Nan Shan Life Insurance Co to China Strategic Holdings Ltd.

Chins Strategic Holdings Ltd is a Hong Kong-based investment enterprise.

Further, AIG said that it has full confidence that Taiwan's regulators will given green signal to the agreement.

Moreover, this is the first time when AIG stated clearly his stand, saying that it has no plan to sell Nan Shan Life to other potential buyers.