Insurer seeks US$6b in HK share offer
Print Edition
PING An Insurance (Group) Co, China’s second-largest insurer, yesterday said it plans to raise up to US$6 billion in a Hong Kong share offering.
It said it would sell up to 625.9 million shares in Hong Kong in a private placement approved by the China Securities Regulatory Commission, according to a filing to the Hong Kong stock exchange. But no details of the share price and the buyers were given.
The insurer’s shares were halted yesterday on the Shanghai and Hong Kong markets.
Based on Ping An’s closing price on Thursday, the deal could reach HK$38.5 billion (US$5.99 billion), making it Hong Kong’s biggest share sale in almost two years.
Proceeds from the share offering are expected to be used to expand the firm’s insurance, banking, and securities businesses.
The Shenzhen-based financial conglomerate last year sold 26 billion yuan (US$4.25 billion) convertible bonds to raise solvency level and in April sold 9 billion yuan in secondary bonds to replenish capital for its banking arm.
Last month it reported better-than-expected third quarter performance with net profit jumping 35.8 percent annually, mainly helped by increasing revenue from the banking sector and improved investment returns.
The profit margin of the group’s non-life insurance operation continued to lead the industry while the new business value of the life insurance sector was hurt by booming sales of investment-related products through bankassurance channel.
In the past two months, domestic insurance companies PICC Property & Casualty Co and China Taiping Insurance Holdings Co have tapped the stock market for funds to support expansion amid improved prospects for the sector.
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