Ping An shares rise on unit listing plan

Updated 2018-01-20 12:51:59 China Daily

Ping An Insurance(Group) Co of China Ltd shares listed in Hong Kong zoomed to a historical high of HK.40 (.94) on Friday after the insurer released an announcement about the financing channels of its technology subsidiaries.

In Hong Kong, the company's shares closed at HK.30 after logging an intraday gain of 0.9 percent, while its Shanghai listed shares fell 0.03 percent to 77.59 yuan (.08).

The Shenzhen-based firm said on Thursday that it will take the necessary measures for the strategic transformation of its technology business, "including but not limited to seeking all kinds of external financing for certain units" when appropriate in the future.

The notification came after media reports said that Lufax, the internet financial arm of Ping An, is expected to list as soon as March and its online medical platform PA Good Doctor may follow subsequently.

Lufax, founded in 2011, has accumulated 30 million registered users and its retail transaction volume reached 1.54 trillion yuan in 2016.

In addition, another subsidiary OneConnect, one of the world's largest financial cloud platforms, which has partnered with 400 banks, may also enter the stock market in the second half of this year, as well as a healthcare management service unit under the group.

The total valuation of these four firms is reportedly more than 630 billion yuan.

On the heels of the news, its shares hit records at both the Shanghai and Hong Kong stock markets on Jan 18.

However, the current share price is yet to reflect the full value of the company, Li Yuan Siong, deputy chief executive and chief insurance business officer of Ping An, said in November.

He said that the company is taking an asset-light approach and will adopt a"finance plus technology" strategy.

In the last 10 years, the company has invested about 50 billion yuan in research and development on internet finance technology, medical platforms, artificial intelligence, and cloud computing and blockchain.

The potential IPO of Ping An's internet units will boost its group profit and valuation, said Ding Wenjie, an analyst at CMB International.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 20 2018 21:19:56

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 20 2018 21:19:56

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 20 2018 21:19:56

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords