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Ping An will not issue A shares for six months

(Agencies)
Updated: 2008-05-09 10:07

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Related readings:  Ping An Insurance reports Q1 profit up 25.2%  Ping An's refinancing plan largely supported  Regulator moves to curb insurers' fundraising

Ping An Insurance (Group) Co of China said it will not file an application to issue new A-shares in the next six months.

In a statement filed with the Shanghai Stock Exchange, the company said domestic capital markets are volatile and the time is not right to pursue a share issue.

"The company will not at this stage, at least within the 6 months from the date of this announcement, consider to proceed with the application in relation to the proposed issue of A-shares," it said.

Ping An originally sought to issue 1.2 billion A-shares and 41.2 billion yuan ($5.88 billion) worth of six-year bonds with warrants early in the year, which raised fears about the share supply situation and triggered a massive selloff.

On Wednesday, market rumors said Ping An was reviving its fund-raising plan as market sentiment improves. Following the rumors, both the company's A- and H-shares, as well as the domestic stock market, tumbled sharply.

A-shares of Ping An Insurance rose 0.67 percent to 62.68 yuan yesterday after the company's spokesman denied the rumors. But its H-shares fell 3.47 percent to HK$69.5 ($8.92).