China News

China’s Ping An Considers Legal Action vs. NY Times after Family Wealth Exposé

China’s second-biggest insurance company has threatened to take legal action against the New York Times for reports that Premier Wen Jiabao’s relatives had accumulated massive wealth, largely through holdings in the firm. In a written statement on Monday, Ping An …

AIG, Others to Take up Half of China PICC’s $3.6 Billion Hong Kong IPO

Chinese state-owned insurer PICC Group has secured pledges from American International Group (AIG) and other investors to buy about half of its up to $3.6 billion IPO, set to be the biggest in Hong Kong in two years. The long-awaited …

HSBC in Talks to Sell $9.3 Billion China Ping An Stake

HSBC said it was in talks to sell its $9.3 billion stake in China’s Ping An Insurance, stepping up a program by Europe’s biggest bank to shed non-core parts of its business to boost profitability. HSBC spent $1.7 billion to …

UPDATE: China’s PICC in Talks with AIG as Buyer for $4 Billion HK IPO

China’s PICC Group is in talks with American International Group and others to become cornerstone investors for its planned listing worth up to $4 billion, in what will be Hong Kong’s biggest IPO in two years. State-owned insurer PICC started …

China’s PICC Group to Raise up to $4 Billion in Hong Kong IPO

Chinese state-owned insurer PICC Group started meeting institutional investors in Hong Kong on Thursday to gauge demand for a listing worth up to $4 billion, braving a slump in equity deals with the city’s largest IPO in two years. People’s …

China’s State Insurers Give ‘Thumbs Up’ to Party with 50-year Bond Buy

China’s state-owned insurers gave a vote of confidence in the ruling Communist Party as it winds up its five-yearly congress on Wednesday, taking the long view by snapping up a 50-year bond at a low rate. Sovereign bond rates are …

Xchanging Unveils Plans for More Asian Expansion

Xchanging, the business process, procurement and technology services provider and integrator, has announced its intention to open new delivery centers at two locations in Asia. The service provider already operates in 11 locations in the Asia Pacific region (APAC) and …

Best Special Report Sees China as a Market in Transition

“The Chinese insurance market is in a state of transition: after a period of rapid expansion, the market must now adjust for sustainable and healthy growth,” concludes a special report from A.M. Best. “Since enhancing risk management and market discipline …

Aon Benfield’s Monthly Cat Recap Focuses on $7.5 Billion Asian Flood Losses

Asian flood losses during the third quarter of 2012 aggregated more than $7.5 billion in economic losses, of which China was the worst hit by two separate flood events that affected several provinces. “The most costly occurred during a six-day …

Best Upgrades Hyundai Marine & Fire, China Sub’s Ratings

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “a” from “a-” of South Korea’s Hyundai Marine & Fire Insurance Co., Ltd (HMFI), as well as upgrading …