Posted on May 05, 2010 by Sergio Ulloa
Ping An Insurance Group Company (PAIGC) has recently announced that the China Securities Regulatory Commission (CSRC) has approved their proposed plan to issue H-shares in exchange for shares in Shenzhen Development Bank.
As the second largest insurer in China, PAIGC is now readying the issuance of 299.09 million H-shares to equity investment firm Newbridge Asia AIV III LP in exchange for 520.4 million shares of Shenzhen Development Bank held by Newbridge, according to the statement filed with the Shanghai Stock Exchange.
Towards the end of 2004 Newbridge Asia AIV III LP had acquired a minority stake in Shenzhen Development Bank from four Chinese state-owned units.
Once this share transfer is completed, Ping An will hold a 30 percent stake, replacing Newbridge as the largest shareholder of Shenzhen Development Bank.
In regards to the deal mentioned above, Ping An has already obtained the approval of the China Banking Regulatory Commission (CBRC), the China Insurance Regulatory Commission (CIRC) and the Ministry of Commerce (MOC).
A formal announcement will be issued, once the remaining approvals from other regulatory authorities are obtained.
Insurance Company mentioned:
Ping An Insurance (Group) Company of China, Ltd. (Ping An) is engaged in providing a range of financial products and services. The Company focuses on three businesses: insurance, banking and investment. The Company operates in five business segments: life insurance business, property and casualty insurance business, banking business, securities business, corporate and other businesses. The Company's subsidiaries include Ping An Life Insurance Company of China, Ltd. (Ping An Life), Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An Property & Casualty), China Ping An Trust & Investment Co., Ltd. (Ping An Trust), Ping An Securities Company, Ltd. (Ping An Securities), Ping An Bank Co., Ltd. (Ping An Bank), Ping An Annuity Insurance Company of China, Ltd. (Ping An Annuity) and Ping An Health Insurance Company of China, Ltd. (Ping An Health), among others.