Ping An Awarded "Best Public Offer without Listing" in Japan in 2004

Ping An Insurance (Group) Company of China Limited (Stock Code: 2318.HK) was recently awarded the “Best Public Offer without Listing (POWL) in Japan in 2004” by FinanceAsia, on the heel of another award – “Best Investor Relations for an IPO” -- from IR Magazine in November 2004. These consecutive accolades have stood testament that Ping An’s IPO was well received by the investment community.
The POWL in Japan 2004 award was part of FinanceAsia’s annual Achievement Awards for the best deals all across Asia. In Japan, non-Japanese companies wishing to make an equity offering in the country need to apply for POWL qualification as well as assign designated banks and securities firms for such transactions. This award was based on three factors, including the size of the allocation, success of the Company’s IPO and the post-IPO stock performance.

According to Daiwa Securities, Ping An’s POWL underwriter, Ping An's IPO in June 2004 saw total demand come in at over US$10 billion. Of this more than US$2.4 billion was generated by Japanese demand for the POWL. While Japanese investors form a crucial component to many global equity offerings, they are particularly keen on China and a good momentum builder. This was particularly the case with Ping An, which was viewed as a good company, coming at a difficult time for global markets in June 2004.

Ping An was listed on the Hong Kong Stock Exchange on June 24, 2004. The Company’s IPO, oversubscribed 58 times, raised HK$14.3 billion and was the largest IPO in the territory in 2004. The Group has since been included into the Hang Seng China Enterprises Index as well as the MSCI China Free Index. Ping An’s share price closed at HK$12.8 on January 18, 2005, up 24% from HK$10.33 recorded on the first day of trading, outperforming both the Hang Seng Index and the Hang Seng China Enterprises Index.