Ping An Insurance Denies Fund-Raising Plan
January 7, 2011, Friday
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Print Edition
Print Edition
PING An Insurance (Group) Co yesterday refuted market speculation by saying it has no plan to raise funds after its shares slumped to a three-month low on reports of a possible capital-raising exercise.
The Shenzhen-based insurer said in an exchange filing it has no plan to raise capital in the A-share stock market. Its shares sank 4.14 percent in Shanghai yesterday to 52.59 yuan yesterday.
China's second-largest insurer fell the most in two months in Shanghai trading on industry reports, including one from CITIC Securities Co, that it may need to raise up to 40 billion yuan (US$6 billion).
Speculations swirled in the market as investors were worried that a possible fundraising plan will cut the firm's earnings per share and flood the market with shares.
(Zhang Fengming)
The Shenzhen-based insurer said in an exchange filing it has no plan to raise capital in the A-share stock market. Its shares sank 4.14 percent in Shanghai yesterday to 52.59 yuan yesterday.
China's second-largest insurer fell the most in two months in Shanghai trading on industry reports, including one from CITIC Securities Co, that it may need to raise up to 40 billion yuan (US$6 billion).
Speculations swirled in the market as investors were worried that a possible fundraising plan will cut the firm's earnings per share and flood the market with shares.
(Zhang Fengming)
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