Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan

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Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan

Dow Jones07-16

By Jiahui Huang

Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives.

The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%.

Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital.

Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that "investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&A possibility, given [the] company mentioned before it is comfortable with capital position."

Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares.

Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets.

The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

July 16, 2024 04:11 ET (08:11 GMT)

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Chris Tan
·07-17
Good deal for Ping An for borrowing at low cost. Converting price at premium shows huge rally potential 😃
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Tigerwong
·07-16
In light of the Chinese environment, raising capital via convertible bond plan is a great strategy as liquidity is foremost in this market. Such cheap funding do come with a price, which in this case is dilution of the existing shareholders as it expands the share base and also lower the overall book value per share. But overall this does give the company more flexibility and controls in this crucial period and will probably give the company many potential cheap acquisitions down the road.
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In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n</p>\n<p>\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. 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In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n\n\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n\n\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n\n\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n\n\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n\n\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n\n\n \n\n\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 16, 2024 04:11 ET (08:11 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":328267630670032,"gmtCreate":1721173527703,"gmtModify":1721173541571,"author":{"id":"4100325483048030","authorId":"4100325483048030","name":"Chris Tan","avatar":"https://community-static.tradeup.com/news/234d0c8219838a66f0165bcb29277534","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4100325483048030","authorIdStr":"4100325483048030"},"htmlText":"Good deal for Ping An for borrowing at low cost. Converting price at premium shows huge rally potential 😃","listText":"Good deal for Ping An for borrowing at low cost. Converting price at premium shows huge rally potential 😃","text":"Good deal for Ping An for borrowing at low cost. Converting price at premium shows huge rally potential 😃","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328267630670032","repostId":2451395279,"repostType":2,"repost":{"id":"2451395279","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1721117460,"share":"https://ttm.financial/m/news/2451395279?lang=&edition=fundamental","pubTime":"2024-07-16 16:11","market":"nz","language":"en","title":"Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan","url":"https://stock-news.laohu8.com/highlight/detail?id=2451395279","media":"Dow Jones","summary":"Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives.The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars  on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%.Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital.Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"inv","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Jiahui Huang \n</p>\n<pre>\n \n</pre>\n<p>\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n</p>\n<p>\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n</p>\n<p>\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n</p>\n<p>\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&amp;A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n</p>\n<p>\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n</p>\n<p>\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n</p>\n<p>\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 16, 2024 04:11 ET (08:11 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPing An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-07-16 16:11</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Jiahui Huang \n</p>\n<pre>\n \n</pre>\n<p>\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n</p>\n<p>\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n</p>\n<p>\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n</p>\n<p>\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&amp;A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n</p>\n<p>\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n</p>\n<p>\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n</p>\n<p>\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 16, 2024 04:11 ET (08:11 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0594300419.USD":"富达中国消费基金A","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","02318":"中国平安","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","BK1550":"内险股","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU1146622755.USD":"安本中国A股股票基金A Acc","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0048580855.USD":"富达大中华区A","LU0359201612.USD":"贝莱德中国基金A2","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","L":"洛斯公司","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK0183":"MSCI概念","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","03145":"华夏亚洲高息股","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","BK0032":"征信","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2451395279","content_text":"By Jiahui Huang \n\n\n \n\n\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n\n\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n\n\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n\n\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n\n\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n\n\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n\n\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n\n\n \n\n\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 16, 2024 04:11 ET (08:11 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":328105284034680,"gmtCreate":1721133829451,"gmtModify":1721136570327,"author":{"id":"4103505618857970","authorId":"4103505618857970","name":"Tigerwong","avatar":"https://static.itradeup.com/news/117d896e04ecaa5155e012726668c759","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4103505618857970","authorIdStr":"4103505618857970"},"htmlText":"In light of the Chinese environment, raising capital via convertible bond plan is a great strategy as liquidity is foremost in this market. &nbsp;Such cheap funding do come with a price, which in this case is dilution of the existing shareholders as it expands the share base and also lower the overall book value per share. &nbsp;But overall this does give the company more flexibility and controls in this crucial period and will probably give the company many potential cheap acquisitions down the road. &nbsp;","listText":"In light of the Chinese environment, raising capital via convertible bond plan is a great strategy as liquidity is foremost in this market. &nbsp;Such cheap funding do come with a price, which in this case is dilution of the existing shareholders as it expands the share base and also lower the overall book value per share. &nbsp;But overall this does give the company more flexibility and controls in this crucial period and will probably give the company many potential cheap acquisitions down the road. &nbsp;","text":"In light of the Chinese environment, raising capital via convertible bond plan is a great strategy as liquidity is foremost in this market. Such cheap funding do come with a price, which in this case is dilution of the existing shareholders as it expands the share base and also lower the overall book value per share. But overall this does give the company more flexibility and controls in this crucial period and will probably give the company many potential cheap acquisitions down the road.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328105284034680","repostId":2451395279,"repostType":2,"repost":{"id":"2451395279","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1721117460,"share":"https://ttm.financial/m/news/2451395279?lang=&edition=fundamental","pubTime":"2024-07-16 16:11","market":"nz","language":"en","title":"Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan","url":"https://stock-news.laohu8.com/highlight/detail?id=2451395279","media":"Dow Jones","summary":"Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives.The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars  on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%.Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital.Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"inv","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Jiahui Huang \n</p>\n<pre>\n \n</pre>\n<p>\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n</p>\n<p>\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n</p>\n<p>\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n</p>\n<p>\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&amp;A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n</p>\n<p>\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n</p>\n<p>\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n</p>\n<p>\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 16, 2024 04:11 ET (08:11 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ping An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPing An Insurance Shares Drop in Wake of $3.5 Billion Convertible Bond Plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-07-16 16:11</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Jiahui Huang \n</p>\n<pre>\n \n</pre>\n<p>\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n</p>\n<p>\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n</p>\n<p>\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n</p>\n<p>\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&amp;A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n</p>\n<p>\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n</p>\n<p>\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n</p>\n<p>\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 16, 2024 04:11 ET (08:11 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0594300419.USD":"富达中国消费基金A","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","02318":"中国平安","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","BK1550":"内险股","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU1146622755.USD":"安本中国A股股票基金A Acc","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0048580855.USD":"富达大中华区A","LU0359201612.USD":"贝莱德中国基金A2","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","L":"洛斯公司","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK0183":"MSCI概念","LU0348783662.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USDHDG) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","03145":"华夏亚洲高息股","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","BK0032":"征信","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2451395279","content_text":"By Jiahui Huang \n\n\n \n\n\n  Ping An Insurance's shares fell after the Chinese insurance giant said it would raise US$3.5 billion via an issuance of convertible bonds to fortify its capital position and support new business initiatives. \n\n\n  The insurer's Hong Kong-listed shares fell 5.4% to 34.10 Hong Kong dollars (US$4.37) on Tuesday, making the stock the top decliner among Hang Seng Index constituents. In China trade, Ping An's A-shares closed 3.15% lower, extending 12-month losses to 15%. \n\n\n  Ping An, one of China's largest domestic insurance companies by premium income, said ahead of trading Tuesday that it would issue five-year convertible bonds and use the funds raised to develop its core business and strengthen its capital position, as well as to support new initiatives in healthcare and elderly care. At full conversion of the bonds into shares, they would make up about 3.3% of company's enlarged share capital. \n\n\n  Jefferies analysts said in a note that they would like further clarity on Ping An's use of proceeds, adding that \"investors appear somewhat skeptical about the possible dilution and whether the raise heralds some M&A possibility, given [the] company mentioned before it is comfortable with capital position.\" \n\n\n  Jefferies has a buy rating and a HK$53.00 target price on the Hong Kong-listed shares. \n\n\n  Ping An's fundraising plan comes in the wake of a host of multibillion-dollar convertible bonds by Chinese companies, including Alibaba, JD.com and Lenovo, among others, as the low funding cost of convertible bonds make them increasingly popular for Chinese companies listed in Hong Kong and the U.S. amid high interest rates and overall subdued liquidity in equity markets. \n\n\n  The Chinese insurer's bottom line has been hurt recently by weaker investment returns alongside flagging stock markets in China and Hong Kong. Ping An's first-quarter net profit dropped 4.3% from a year earlier, dragged by lower investment income and weak sector sentiment during the period. \n\n\n \n\n\n  Write to Jiahui Huang at jiahui.huang@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 16, 2024 04:11 ET (08:11 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}