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Ping An Insurance seeks listing for its securities unit
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The securities unit of Ping An Insurance (Group) Co will seek public listing at the Hong Kong stock exchange as the unit was approved to be converted into an independent entity, Ping An said in a statement yesterday.
Ping An Securities Co, a majority-owned subsidiary of Ping An, will be converted into a joint-stock company and sell no more than 25 percent of the company’s total shares in Hong Kong, the statement said.
Proceeds from the public offering will be used to replenish capital and expand securities businesses.
“The conversion and overseas listing are aligned with Ping An Securities’ development needs,” Ping An said in the statement. “Through the H share listing, Ping An Securities could establish its own financing channels and adapt to new capital regulations by tapping both onshore and offshore capital markets.”
Ping An said it will submit H-share listing proposals to securities and other regulatory bodies in China’s mainland and Hong Kong, and the number of shares to be issued will depend on regulatory approval and market conditions.
Currently Ping An holds 96.55 percent of shares in Ping An Securities.
It is estimated that the direct and indirect holdings of Ping An Group in Ping An Securities will not be less than 69.8 percent after the spin-off, maintaining Ping An Group an absolute controller of the brokerage.
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