Articles by Bloomberg News

Ping An Eyes Bid For Prudential’s Asia Business, in Biggest Outward M&A: Sources

Ping An Insurance (Group) Co. is considering buying Prudential Plc’s Asia business, people familiar with the matter said, a deal that would reshape Asia’s booming insurance industry and mark the biggest-ever Chinese acquisition. Ping An has sounded out the Chinese …

China’s Fosun Weighs Acquisition of Belgian Insurer Ageas

Fosun International Ltd., the Chinese group backed by billionaire Guo Guangchang, is considering an offer for all or parts of Belgian insurer Ageas in what could be its boldest move to expand its international footprint, people familiar with the matter …

China Formalizes Easing of Foreign Investment Curbs on Range of Industries

China is slowly following through on pledges to open up to foreigners, as an impending trade war with the U.S. focuses attention on Beijing’s grip over doing business in the world’s second-largest economy. On Thursday the government formalized the easing …

China’s State-Run Insurance Funds Feel Strain of Baby Boom

Chinese President Xi Jinping wants women to have more babies. That’s proving to be a costly goal. After government-run insurance funds paying for maternity leaves suffered revenue shortfalls for the first time, Xi’s government has begun taking steps to shore …

Troubled Chinese Insurer Anbang Interviews Banks About Asset Divestments: Sources

Anbang Insurance Group Co., the troubled Chinese insurer seized by the government, is interviewing investment banks to advise on potential asset divestments, people with knowledge of the matter said. The once-acquisitive insurer plans to hire an adviser to manage the …

China’s Anbang Gets $9.7B Capital Injection to Bolster Solvency After Alleged Fraud

China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multi-billion dollar fraud. The move is aimed at ensuring Anbang’s …

China’s Largest Courier Firm, SF Holding, Wins License to Deliver Parcels by Drone

Chinese courier company SF Holding Co. says it’s won a license to operate drones, opening up a new potential frontier for package delivery in the world’s second-largest economy. SF, the nation’s largest listed courier provider by market value, said late …

Ex-Chairman of China’s Anbang ‘Doesn’t Deserve Leniency,’ Say Prosecutors

Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, …

China’s Ping An Plans $3B IPO of Financial Management Portal OneConnect: Sources

Ping An Insurance (Group) Co., China’s largest insurer by market value, is starting preparations for an initial public offering of its OneConnect financial management portal that could raise as much as $3 billion, people with knowledge of the matter said. …

Anbang’s Former Chairman Goes on Trial, Accused of Masterminding $10.4B Fraud

A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The charges in court statements, which …