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Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan
By Jiahui Huang Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support
Ping An Insurance plans to issue convertible bonds, and the stock price hit a new low since April this morning.
ATFX Ping An (02318.HK) stock price opened down 2.22% today and fell by almost 4%. The company announced its plan to issue $3.5 billion convertible bonds with an annual interest rate of 0.875%, due in 2029 with an initial conversion price of HKD 43.71 per H share, representing a premium of about 21.25% over yesterday's (15th) closing price of HKD 36.05. The bonds can be converted into approximately 0.625 billion shares, accounting for 7.74% of the enlarged H shares and 3.32% of the company's issued share capital. The net proceeds from the bond issuance will be used by the company to satisfy its future business with a financial business core.
UBS Group: buy rating given to Ping An Insurance (02318), with a target price of HKD 56.
UBS Group expects Ping An Insurance (02318) to increase its net profit after tax by 7% year-on-year in the first half of this year.
Huaxi Securities: Traditional insurance remains the main focus of insurance sales. Dividend insurance continues to be launched and the health insurance layout is further improved.
Currently, assets are still an important factor in suppressing the valuation of insurance companies. In a low-interest-rate environment, it is expected that insurance companies will successively reduce the interest rates of traditional insurance products and continue to launch bonus-based and universal insurance products to reduce the pressure of "interest differential losses", while also increasing the layout of health insurance to increase "mortality differential gains".
Express News | Ping an Insurance - Upon Completion of Cancellation, Registered Capital and Share Capital of Co Will Be Decreased Accordingly
Express News | Ping an Insurance - Decided to Cancel 102.6 Mln a Shares in Repurchased Securities Account of Company
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