An's

Ping An's shareholder base, however, is unusually diverse: Two state-backed companies together hold about 10% of its shares, but its other shareholders are a mixture of private buyers and employee groups.

Behind Ping An's Odd Deal Peter Stein 2011

It would seem the rule may have inadvertently become an incentive to cut an odd deal that does little to enhance Ping An's standing with investors.

Behind Ping An's Odd Deal Peter Stein 2011

Mr. Cheng's role as Ping An's financier is a bit of a mystery.

Behind Ping An's Odd Deal Peter Stein 2011

A spokesman for Mr. Cheng at his flagship New World Development Co. said only that he was "optimistic" about Ping An's prospects and saw it as "a long-term investment."

Behind Ping An's Odd Deal Peter Stein 2011

The sale, which prompted criticism for its impact on minority shareholders, was done at a 12.5% discount to Ping An's last Hong Kong share price—nice for Mr. Cheng but less so for those shareholders who didn't participate in the deal.

Behind Ping An's Odd Deal Peter Stein 2011

The placement will "significantly enhance Ping An's capital strength and drive its sustainable and steady business growth," she said.

Behind Ping An's Odd Deal Peter Stein 2011

The capital-raising move has long been expected by analysts as Ping An's solvency ratio, which measures an insurer's ability to make payments to policyholders, has dropped significantly over the past two years due to its takeover of a majority stake in Shenzhen Development.

Ping An Insurance Plans Huge Capital Boost 2011

As of Oct. 31, the solvency margin of Ping An's life-insurance unit stood at 153%, down sharply from 227% at the end of 2009.

Ping An Insurance Plans Huge Capital Boost 2011

Ping An, China's No. 2 life insurer, on Wednesday reported a 44% fall in third-quarter net profit to 1.76 billion yuan because of an expense related to its takeover of Shenzhen Development Bank Corp. Excluding the expense, Ping An's third-quarter profit was up 18%.

China Life's Net Falls on Investment Losses Fiona Law 2011

Investors had been expecting some move to raise capital, given rapid growth in Ping An's banking and insurance business.

Behind Ping An's Odd Deal Peter Stein 2011