Stocks fall as Ping An debuts
By Dong Zhixin (Chinadaily.com.cn)Updated: 2007-03-01 15:59
Ping An is the second insurance shares in the A-share market after China Life, the country's top insurer, which made its Shanghai debut on January 9.
Thirty-per cent of Ping An's 1.15 billion-share offer was sold to strategic investors with a lock-up period of 12 months, with another 230 million shares going to ordinary institutional investors with a lock-up period of three months, while the remaining 575 million shares were offered to retail investors.
Ping An's Hong Kong shares have more than doubled in value in the past 52 weeks as investors eye the insurance sector's booming growth as Beijing dismantles a cradle-to-grave welfare system.
Headquartered in Shenzhen, Guangdong Province, Ping An is a diversified
financial holding group founded in 1988. It offers integrated securities, trust
and banking services with insurance as its core business.
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