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China's Ping An Insurance to launch A-share offering in Feb - report


Published : Fri, 19 Jan 2007 01:47
By : Agencies
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SHANGHAI (XFN-ASIA) - Ping An Insurance (Group) Co (HK 2318) is expected to launch an A-share initial public offering (IPO) in February, state media reported.

Ping An will kick off the A-share offering before the Lunar New Year, the official Shanghai Securities News reported, citing sources.

The Lunar New Year, or Spring Festival, starts from Feb 18.

Ping An Insurance, China's second-largest life insurer, said in September it plans to issue up to 1.15 bln A-shares on the Shanghai Stock Exchange.

Based on the closing price of Ping An's H-shares yesterday of 38.85 hkd, the offering could amount to up to 4.41 bln yuan, the report said.

Ping An is likely to set its IPO price at 40 yuan, it added, citing market sources.

(1 usd = 7.8 yuan)

qionghui.feng@xinhuafinance.com

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