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Ping An Insurance-backed fintech unicorn Lufax files for US stock offering

October 9, 2020

Lufax Holding, the operator of one of China’s biggest online wealth management platform, filed to go public in the US market, the latest Chinese company to shrug off concerns about worsening relations between the world’s two largest economies.

The Shanghai-based company is backed by China’s biggest insurer Ping An Insurance (Group) and follows in the footsteps of the insurer’s unit OneConnect Financial Technology, which raised US$312 million in its New York Stock Exchange (NYSE) debut in December.

Lufax said it plans to list its American depositary shares on the NYSE under the symbol, LU, it said in a regulatory filing early Thursday.

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Lufax did not disclose the size of its offering, using a common place holder figure of US$100 million in its filing with the US Securities and Exchange Commission. But sources

HSBC Posts Biggest Jump Since 2009 as China’s Ping An Buys

September 28, 2020

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(Bloomberg) — HSBC Holdings Plc rose the most since 2009, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.

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China’s Ping An Insurance Group Co., which last week bought 10.8 million shares to boost its stake to 8%, remains confident in HSBC’s long-term prospects, a spokesperson said. The recent slump in the share and the valuation only increases HSBC’s appeal, the spokesperson said.

“Ping An believes HSBC’s suspension of dividend payments is a short-term issue and has been actively communicating with the lender about the possibility of restoring dividends in the future,” the spokesperson said.

HSBC shares in Hong Kong on Monday rose 9.2%, the biggest gain since April 2009, clawing back most of last week’s tumble and adding $6.8 billion to its market capitalization. In London, HSBC rose as much as 11.5% —

China’s Ping An Insurance cements its place as HSBC’s biggest shareholder

September 27, 2020

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Before the latest transaction, Ping An held a 7.95% share in the bank. Photo: Getty

Ping An Insurance Group Co (2318.HK) has increased its stake in Britain’s HSBC Holdings Plc (HSBA.L), making the Chinese insurer the company’s biggest shareholder with a 8% share.

A unit of the insurer, Ping An Asset Management Co, bought 10.8 million shares at an average price of HK$28.29 (£2.90, $3.70) per share.

It comes as British and US lawmakers criticised, HSBC and Standard Chartered (STAN.L) for supporting China’s national security law for Hong Kong, following Beijing’s handling of the pro-democracy movement in the territory.

The national security law criminalises criticism of the Chinese Communist party.

At the time, chief executive Noel Quinn, said: “We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors.”

Both banks, which are dual listed in

China’s Ping An Insurance boosts HSBC stake

September 27, 2020

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FILE PHOTO: HSBC logo is seen in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo

HONG KONG (Reuters) – Ping An Insurance Group Co of China Ltd 601318.SS2318.HK, the biggest shareholder in HSBC Holdings Plc HSBA.L0005.HK, has bought additional shares in the British bank to take its stake to 8%.

The insurer bought 10.8 million shares at an average price of HKD28.29 ($3.65) per share on Sept. 23 via investment management arm, Ping An Asset Management Co Ltd, it said in a filing to the Hong Kong stock exchange late on Friday.

Before the latest transaction, Ping An held a 7.95% stake in the bank, the filing showed.

The Chinese insurer began buying shares in the bank, which makes the bulk of its revenue in Asia, in 2016 as part of its insurance investments and in December 2017 passed the 5%

China’s Ping An Insurance Increases Stake in HSBC to 8%

September 26, 2020

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(Bloomberg) — China’s Ping An Insurance Group Co. raised its stake in HSBC Holdings Plc, cementing its position as the lender’s biggest shareholder.

a large sign on the side of a building: Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.

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Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.

Ping An Asset Management Co., a unit of the insurer, bought 10.8 million shares of HSBC on Wednesday, according to a Hong Kong stock exchange filing on Friday. That brings the group’s stake to 8% from 7.95% previously. BlackRock Inc., the second-biggest holder, currently owns 7.14%.