Newbridge Capital Sold out H-shares of Ping An

Last week, Newbridge Capital sold HKD 9.08 billion worth of the Hong Kong dollar-denominated shares of dual listed Ping An Insurance (Group) Company of China Limited (Ping An, 601318.SH, 2318.HK).

About 139 million H-shares of Ping An were sold at a price of between HKD 64.68 and HKD 65.3 per share. In this way, Newbridge Capital had no shares of Ping An at all. Together with such sales this May, Newbridge Capital benefited about HKD 14.5 billion from the withdrawal, based upon its original investment cost of about CNY 4.5 billion or HKD 4.25 billion.

As early as 2004, Newbridge Capital had entered Shenzhen Development Bank at a cost of CNY 2.23 billion; and the foreign institution in this May withdrew from the Chinese lender via a share swap with Ping An Insurance (Group) Company of China Limited (Ping An, 601318.SH, 2318.HK), the Chinese parent of SDB.