Original title: falling below 50 yuan, Ping An InsuranceWhat happened? A rumor triggered a sharp fall, and the company responded quickly.

A rumor caused Ping An Insurance's share price to fluctuate sharply.

On Tuesday morning, there was a rumor that regulators were investigating Ping An Insurance Insurance's investment in the real estate market and had suspended Ping an's right to sell alternative investment products related to the real estate market.

In response, Ping An Insurance responded to a Chinese reporter at a brokerage: "our investment has always strictly abided by the relevant regulations of regulation and does not comment on market rumors that are not based on facts."

Affected by the rumors, Ping An Insurance's A shares fell more than 3.5 per cent in intraday trading on August 31st. At one point, Ping An Insurance's H shares fell more than 8% in intraday trading, with the biggest drop since March last year. At the close, the decline of stocks narrowed somewhat.

At noon on the same day, Ping An Insurance issued an intraday announcement in response to stock price fluctuations: "the company has a clear strategy, sound business operations, law-abiding compliance, and steady growth in operating profit in the first half of 2021.”

According to Chinese reporters of the brokerage, of Ping An Insurance's 3.79 trillion insurance funds, about 185.5 billion yuan is related to real estate, accounting for less than 5%. In these 185.5 billion, equity, creditor's rights and real rights basically account for 1x3 each.

An insurance asset management person said that the large volume of insurance funds, real estate from the long-term development and allocation value, is in line with the investment attributes of insurance funds. "of course, as the short-term real estate is in the adjustment period, our company is generally cautious about real estate investment at present." The person said.

On the same day, waves rose again and again, and Ping An Insurance's Yitong Financial Technology Co., Ltd. (referred to as OneConnect Financial Technology) also encountered rumors such as reported financial fraud, commercial bribery and deceiving senior executives. In response, OneConnect Financial Technology quickly responded that this is a false rumor and has been reported to the police.

Firm real estate investment

In recent years, Ping an Insurance funds have invested in a number of real estate projects and some equity investments, thus becoming the major shareholders of many large real estate enterprises. Not long ago, Ping An Insurance also spent 33 billion yuan to buy a stake in the six Raffles portfolio of the Caide Group.

To this end, there is a view in the market that Ping an Insurance Capital has become "the largest real estate company in China" and expressed concern about the risk exposure in the field of real estate investment.

Chen Dexian, chief investment officer of Ping An Insurance, believes that this is a misunderstanding of the actual situation and inherent logic of Ping an insurance funds investing in real estate. He emphasizes the real estate investment strategy that Ping an insurance funds have always adhered to: first, to adhere to long-term investment; second, to focus on long-term investment opportunities in commercial, pension, public rental housing, long-term rental apartments, logistics, infrastructure and other social and livelihood areas in line with policy guidance. Attach importance to the long-term holding of high-quality, stable, rent-collecting properties, which is completely consistent with the tone of "housing speculation".

Chen Dexian also stressed to the Chinese reporter of the brokerage, "Ping an has been looking for assets that go through the cycle, althoughHuaxia HappinessThe investment is disadvantageous, but the investment strategy of insurance funds allocation of rent-collecting assets has not changed and should not be changed. "

"at present, our investment in real estate is concentrated in office buildings, which is about 66.6 billion yuan. The rental return on these assets is about 7%. There are 8 buildings under construction and 43 buildings in operation, with a total area of about 5.5 million square meters. In addition to office buildings, we also value assets with the nature of dividend and rent collection, such as infrastructure, public rental housing, long-term rental apartments, industrial parks, logistics, data centers and so on. During the 10-20-year cycle, we can obtain stable rental income, and at the end of the cycle, such assets can also be realized and funds can be recovered. " He said.

It is worth mentioning that Ping An Insurance still intends to increase investment in real estate.

It has been revealed that at present, Ping An Insurance Insurance tends to invest more in bonds and capital markets, and will appropriately increase its investment in assets with dividends and rent collection in the future.

The rumor triggered a sharp fall in the market.

According to Chinese reporters of the brokerage, of Ping An Insurance's 3.79 trillion insurance funds, about 185.5 billion yuan is related to real estate, accounting for less than 5%. Among the 185.5 billion, equity, creditor's rights and real rights basically account for 1x3 respectively.

Recently, there are rumors that regulators are investigating Ping An Insurance Insurance's investment in the real estate market and have suspended Ping an's right to sell alternative investment products related to the real estate market.

In this regard, a person in the insurance industry analyzed to the Chinese reporter of the brokerage that, in terms of the nature of funds, there is a natural match between dangerous capital and real estate, and in the past this round is also such a deep integration, some invest in commercial real estate projects, some finance commercial real estate projects, and some participate in real estate companies and invest in pension real estate, and achieve mutual achievements. Now that there have been some changes in fundamentals, there may also be risks. "in fact, the supervision of the work of mapping out the risks of insurance assets has been done frequently in recent years, and it is even more normal to continue to do research."

The person in charge of the asset management of an insurance company believes that insurance companies should have professional ability to invest in real estate, and insurance funds will eventually be paid to policyholders, so it is very important whether the internal investment decisions behind them are scientific and compliant. It is speculated that the Bancassurance Regulatory Commission's qualification and ability to invest in real estate in the future may have an impact on insurance companies.

Some industry insiders even speculated that the emergence of the rumors may be related to Ping An Insurance's previous investment in Huaxia Happiness.

In the first half of 2021, the amount of impairment, valuation adjustment and other equity adjustment of Huaxia Happiness-related investment assets by Ping An Insurance was 35.9 billion yuan, and the impact on the net profit attributed to the shareholders of the parent company after tax was 20.8 billion yuan. The impact on the operating profit attributed to the shareholders of the parent company after tax is 6.1 billion yuan.

In the first half of the year, Ping An Insurance made a net profit of 58.01 billion yuan, down 15.5% from a year earlier.

By Tuesday afternoon's close, Ping An Insurance's A-share price had fallen below 50 yuan to close at 49.9 yuan, a new low. In addition, Ping An Insurance's Hong Kong shares fell more than 4%, with the biggest drop since March last year.

OneConnect Financial Technology responded to the reported rumors: false rumors have been reported.

Ping An Insurance's Yi Zhitong Financial Technology Co., Ltd. (OneConnect Financial Technology) issued a solemn statement in response to rumors of reported financial fraud, commercial bribery and deceiving senior executives on Aug. 31.

OneConnect Financial Technology said that OneConnect Financial Technology has been in line with the principle of standardized governance, strictly abide by the requirements of relevant laws and regulations. The company's strategy is clear, the business operation is sound, the operating situation and financial data are true and accurate, there are no rumors of all kinds of defamation. "in view of the fact that the relevant false rumors have seriously infringed upon the commercial reputation of the company and related organizations, belonging to malicious rumor-mongering and slander, OneConnect Financial Technology immediately reported the case and safeguarded his legitimate rights and interests through legal procedures."