Market Chatter: Ping An Insurance Plans to Issue Convertible Bonds of Up to $5 Billion

Ping An Insurance (HKG:2318, SHA:601318) is considering to issue convertible bonds worth between $2 billion and $5 billion, Bloomberg News reported July 9, citing insiders.The Chinese insurer is now

MT NewswiresJul 10 02:21 ET

HK Stocks Update: LuKong (06623) soared over 15% at one point. Ping An Insurance will passively consolidate LuKong, and its shareholding ratio will increase to 56.82%.

According to the news from the China Securities News App, Lufax Holdings Ltd. (06623) rose more than 15% in early trading and, as of the time of publication, was up 14.29% at HKD 11.28, with a turnover of HKD 2.9013 million. On the news front, Lufax announced that it will issue approximately 0.509 billion new shares to its controlling shareholder Ping An Insurance, according to its stock dividend plan. After completion, Ping An's shareholding in the company will increase from 41.4% to 56.82%, making it its non-wholly-owned subsidiary. The company said that this move is favorable for further enhancing the positive synergy effects between Lufax Holdings Ltd. and Ping An Insurance, and that Lufax Holdings Ltd. is confident in the long-term development prospects of the company. Meanwhile, China.

Zhitong FinanceJul 9 23:12 ET

China's Ping An Eyes up to $5 Billion Convertible Bond, Sources Say

Yahoo FinanceJul 9 20:20 ET

Ping An Insurance (02318) may issue bonds as a financing instrument once or in multiple tranches within the next three years.

Ping An Insurance (02318) has released an announcement, informing that Ping An Insurance (Group) Co. of China has taken note of the company's plan...

Zhitong FinanceJul 9 18:49 ET

Market Chatter: Ping An Bank to Move Over a 100 Staff Members to Shenzhen From Shanghai

Ping An Bank (SHE:000001) will relocate over 100 staff members based in Shanghai to its Shenzhen home base to cut costs as China's banking industry struggles with profitability, The Standard reported

MT NewswiresJul 9 05:11 ET

[Brokerage Focus] Bocom Intl maintains buy rating for Ping An Insurance (02318), expecting positive growth in operating profit this year with high certainty.

Jingwu Finance | Bocom International's research report points out that after China Ping An (02318) chose to convert its special dividend distributed by Lufax into shares, its stake in Lufax increased from 41.4% to 56.82%. The bank believes that Ping An's choice to convert its dividend into shares and increase its stake in Lufax's equity indicates that the company is bullish on Lufax's business development prospects. The financial gain or loss generated by Ping An's consolidation of Lufax will be treated as a non-recurring item and will not affect Ping An's operating profit after tax (OPAT). Ping An's current stock price corresponds to a pb ratio of 0.65 times in 2024, with a dividend yield of over 7%, and its valuation has become attractive again.

金吾財訊Jul 4 20:49 ET