Slaughter and May, Sullivan & Cromwell and Davis Polk & Wardwell have picked up lead advisory roles as the state-owned People's Insurance Company of China (PICC Group) draws closer to completing its multi-billion dollar Hong Kong initial public offering (IPO).

PICC Group is in the process of gauging investors' interest, with a view to generating between US$3bn (£1.87bn) to US$4bn (£2.5bn) through the offering, making it Hong Kong's largest IPO this year.

Davis Polk is advising the Beijing head-quartered company, with corporate partner Antony Dapiran understood to be leading the team.

Slaughters and Sullivan are both advising the underwriting banks with Benita Yu (pictured) heading the magic circle firm's team. The 17 underwriters include CICC, HSBC, Credit Suisse, JP Morgan, UBS, Bank of America Merrill Lynch, Citigroup, Deutsche Bank and Goldman Sachs.

PICC is one of China's top non-life insurance companies, and the holding company of Hong Kong-listed property insurer PICC Property & Casualty Co.

As well as a listing in Hong Kong, the state-owned enterprise is also planning to list in Shanghai, to raise a combined total of US$6bn (£3.7bn) by next year.

Should the deal close as planned, it could signal a positive upturn for Hong Kong's battered IPO market, which has this year witnessed its lowest levels in a decade, with the exchange dropping eight places in Dealogic's global IPO rankings.

Earlier this week, Shanghai-based Fosun Pharmaceutical Group also launched a Hong Kong IPO, valued at HK$3.97bn (£318m). Morrison Foerster advised Fosun whilst Herbert Smith acted for the underwriters.

Still waiting to close is the $500m (£308m) listing of Zhengzhou Coal Mining Machinery Group, where Baker & McKenzie are lead advisors.