Ping An may scale back equities sale
28 February 2008
Ping An Insurance said it would "carefully weigh" its decision to hold a US$17 billion share and convertible bond sale in Shanghai against government demands, the Financial Times reported. The statement was seen as an indication that the proposed sale by China's second-largest insurer will be reduced. The China Securities Regulatory Commission warned companies against "money-grabbing" by holding large share sales that could damage the market on Monday, and fund managers with stakes in Ping An have suggested that they would vote against such a large issuance at a shareholder's meeting in March. The mainland A-share market has declined 30% since peaking in October, partly on fears that it has been flooded with new shares.
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