Ping An Insurance (Group) Company of China Ltd. must be aware of the old Chinese curse – “May you live in interesting times -” but it has nonetheless chosen to begin listing its A-Shares on the Shanghai Stock Exchange as of Thursday, March 1, 2007.
The exchange index fell over nine percent on Tuesday, Feb.27, but has regained around three percent of the losses so far today.
The listing, which adds another prominent financial services stock to China’s A-Share market, will allow domestic Chinese investors to participate in the Group’s fortunes.
Ping An will issue a total of 1.15 billion shares at RMB33.8 ($4.3664) per share. “About 345 million A-Shares were allotted to strategic investors who are subject to a 12-month disposal moratorium starting from the debut of trading,” said the announcement. “Another 230 million A-Shares were allotted to institutional investors who will be subject to a three-month disposal moratorium.
Dr. Peter Ma, Ping An’s Chairman and CEO, indicated that the “successful listing of A-Shares in Shanghai has marked an important milestone in Ping An’s corporate history. The recognition from the investor community and the society as a whole about Ping An’s capabilities and potential are being reflected in the overwhelming response for this A-Share IPO exercise.”
Ping An launched its initial IPO in 2004.
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