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Ping An to Issue Additional HKD20bn H-shares

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Tuesday, Mar 15,2011, 9:41:32 PM   Click:

Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318, and SEHK: 2318), the second largest insurance conglomerate in the nation by premium, intends to issue additional 272 million H-shares at HKD 71.5 a share.

The insurance giant, suspending trading afternoon on March 14, 2011 at HKD 81.7 a share, issued an announcement on March 15, saying that it will issue additional H-shares at HKD 71.5 a share, a discount or 12.48% compared with the closing price of H-shares before the trading suspension, to finance a total of HDK 19.448 billion. The company will issue all the H-shares to Jinjun Limited, a wholly-owned subsidiary under Chow Tai Fook Nominee Limited.

After the move, the A-share and H-share capital stock of the insurer will grow to 7.916 billion shares, including 4.786 billion A-shares and 3.13 billion H-shares. The additionally issued H-shares account for 3.44% of the insurer's capital stock or 8.7% of the insurer's H-share capital stock.

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