Ping An Insurance’s HK$36.8 billion $4.75 billion share sale attracted investors including Temasek and a mainland Chinese tycoon, according to a source.
The bumper share sale by China's second-largest insurer by market share comes after China's rate cut boosted investors' appetite for stocks.
The private placement of Ping An’s H-shares bumped Morgan Stanley, who orchestrated the share sale, to the top of Dealogic’s equity capital market league tables, overtaking Goldman Sachs.
Ping An’s successful private placement at a tight discount to where the stock was trading illustrates a shift in investor appetite after a six-week lull. Ping An was able to...