Ping An puts off share sale plan
9 May 2008
Ping An Insurance, China's second-largest life insurer, has shelved plans for a large share sale in Shanghai, the Wall Street Journal reported. The company said the plan to sell up to 1.2 billion new yuan-denominated shares would not be carried out within the next six months due to market volatility. "After due consideration, the company is of the view that ... the timing and condition for making the application in relation to the refinancing plan is not yet mature," the company said in a statement. Earlier this week the South China Morning Post reported that Ping An was preparing to apply for approval for the fund-raising plan, citing an unnamed shareholder. The share sale had the potential to be one of the largest in China to date, and was at one point valued at US$22 billion.
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