Top Biz News
Ping An gets green light for Shanghai IPO
By Hu Yuanyuan (China Daily)
Updated: 2007-01-31 08:45
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Insurance stocks have been highly sought-after by investors as a result of the industry's growth potential in China. Of the country's 1.3 billion people, less than 4 percent have insurance coverage, leaving huge scope for development.
China Life's A shares have more than doubled since it listed on January 9.
"Compared with China Life, Ping An is stronger in terms of business efficiency and the building up of its financial holding group," said Luo Yi.
For the first nine months of 2006, Ping An posted a net profit of 3.677 billion yuan, far exceeding its 2005 earnings of 3.338 billion, it said.
Ping An collected 37.3 billion yuan in premiums in the first half of 2006 to command a domestic market share of 16.5 percent, second only to China Life's 111.4 billion yuan and 49.4 percent.
Goldman Sachs Gaohua Securities Co, Galaxy Securities and CITIC Securities will be the leadunderwriters.
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