Ping An A-Shares to Debut in Shanghai in the World's Largest IPO Equity Listing by an Insurance Company
February 28, 2007, HONG KONG --- Ping An Insurance (Group) Company of China Ltd (Ping An; HKSE:2318; SSE:601318) today announced that it will list A-Shares on the Shanghai Stock Exchange under the stock code “601318” on Thursday, March 1, 2007. This event marks the addition of another leading financial services stock to the A-Share market and will allow domestic Chinese investors to share in the results of years of professional operations at Ping An.
Ping An has will issue a total of 1.15 billion shares at RMB33.8 per share, which was determined based in the Group’s fundamentals, the industry in which it operates, peer group valuation comparisons and the general condition of the A-Share and H-Share markets. About 345 million A-Shares were allotted to strategic investors who are subject to a 12-month disposal moratorium starting from the debut of trading. Another 230 million A-Shares were allotted to institutional investors who will be subject to a three-month disposal moratorium.
Since kicking off this A-Share listing exercise, Ping An, has been receiving recognition not only from the regulators but also from investors, receiving particular praise for strengths including a clear corporate strategy, fully-integrated financial platform, international management team, sophisticated management structure and strong back-office capabilities. This enthusiasm has underpinned this widely anticipated offering, and as a result, the pricing comes in at the high-end of the initial pricing range, which values the Company among the highest of all financial stocks in China. The listing will be the second largest ever in the A-Share market in China and will make it the world’s largest for an insurance company.
Dr Peter Ma, Chairman and Chief Executive Officer at Ping An, said the successful listing of A-Shares in Shanghai has marked an important milestone in Ping An’s corporate history. The recognition from the investor community and the society as a whole about Ping An’s capabilities and potential are being reflected in the overwhelming response for this A-Share IPO exercise. He added Ping An, as an active participant in China’s capital market development, will endeavor to make the best efforts to become a leading global integrated financial services group by providing best-in-class products and services for customers and generating sustainable growth and returns for investors.
Contact:
Ping An Insurance (Group) Company of China, Ltd.
Ms. Alex Xiao
Tel: 86-755-22623452
Fax: 86-755-82414817
Ms. Cathy Hua
Tel: 86-755-22627219
Fax: 86-755-82414817
