Ping An Insurance stake sold to Hong Kong vehicle

Sale by Shenzhen government could strengthen chairman''s hand

China's second largest insurance company Ping An Insurance, which boast three world class investors, HSBC, Morgan Stanley and Goldman Sachs, is to see an almost 7% stake held by the Shenzhen City Finance Bureau transferred to a Hong Kong-listed company, Shenzhen Investment, according to press reports in China.

The company is due to list in Hong Kong this year, although it's not clear whether it will keep to that schedule.

Observers say the move is mysterious. It's not clear why Shenzhen Investment, a company with no affiliation to the insurance sector, would be interested in the shares nor is it clear how the company, with a net profit of just...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222