|Bid||99.500 x 0|
|Ask||99.550 x 0|
|Day's Range||95.900 - 99.850|
|52 Week Range||71.250 - 99.850|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||14.52|
|Forward Dividend & Yield||2.12 (2.13%)|
|Ex-Dividend Date||Sep 04, 2019|
|1y Target Est||99.27|
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that Ping An Technology (Shenzhen) Co., Ltd., (hereafter "Ping An Technology") and Intel Corporation (hereafter "Intel", NASDAQ: INTC) signed a strategic collaboration agreement in Shenzhen, China. The two companies plan to establish a joint laboratory, cooperate on products and technology, and form a joint project team in areas of high-performance computing, including storage, network, cloud, artificial intelligence (AI) and security.
(Bloomberg) -- 58 Home, owned by China’s Craigslist equivalent 58.com Inc., is close to completing a private fundraising en route to a U.S. initial public offering that could value the online services platform at as much as $2 billion, people familiar with the matter said.The business, known locally as 58 Daojia, is seeking funds to bankroll an expansion into China’s competitive online services arena. It’s now wrapping up a pre-IPO financing round at a valuation of more than $1 billion, the people said, requesting not to be named because the matter is private. Once that’s done, 58 Home intends to prepare for a U.S. debut in which it will seek a valuation of between $1.5 billion and $2 billion, one of the people said.Deliberations are at an early stage and details of the potential offering could still change, the people said. Liu Cong, a spokesman for 58.com, declined to comment, while a representative for 58 Home also had no comment. 58.com’s shares rose 2% in New York.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home-cleaning. Backed by Tencent Holdings Ltd., it’s vying for market share however against deeper-pocketed rivals such as Meituan Dianping and certain businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are eyeing a slice of a market for physical, on-demand services still largely undisrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates with shares in third paragraph)\--With assistance from Julia Fioretti and Manuel Baigorri.To contact Bloomberg News staff for this story: Lulu Yilun Chen in Hong Kong at email@example.com;Dong Cao in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, ;Fion Li at firstname.lastname@example.org, Edwin ChanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The CEO of Ping An Insurance (Group) Company of China, Ltd. (HKG:2318) is Peter Ma. This report will, first, examine...
Ping An has multiple avenues of growth as it capitalizes on demand in China for insurance and financial products. The company was an early adopter of technology, using artificial intelligence to assess, for example, tiny facial movements to gauge creditworthiness.
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that the Group has joined Climate Action 100+, an investor initiative launched in 2017 to ensure the world's largest corporate greenhouse gas emitters take necessary action on climate change. Ping An is the first Chinese asset owner signatory to Climate Action 100+. The Group's decision to join the initiative highlights the growing momentum in investor environmental stewardship in China and across Asia.
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx: 2318; SSE: 601318) announced that Ping An's Co-CEO Jessica Tan is featured in "The World's 100 Most Powerful Women 2019" list by Forbes Magazine for the first time, ranking 22nd.
(Bloomberg Opinion) -- The world’s second-largest insurer by market value is struggling to reinvent itself as a unicorn hub. Wariness by public investors toward unprofitable companies spells bad news for Ping An Insurance (Group) Co., which has plenty of tech firms it wants to take public at some point.The latest casualty is OneConnect Financial Technology Co., a cloud-based back-end platform for banks and insurers. A planned initial public offering in the U.S. set for Thursday was cut by almost half to just $260 million from a target of $504 million. Ping An didn’t give an official reason. Valuations of the unprofitable fintech company will now fall to half of the $4.4 billion to $5.2 billion range floated when investors were sounded out last week.That’s a blow to Ping An’s “technology-plus-finance” ambitions. Will the insurer lick its wounds or plow ahead? It can have a word with Masayoshi Son, still smarting from the WeWork debacle. His SoftBank Vision Fund bought into OneConnect last year at a valuation of $7.5 billion. All this is a shame, because OneConnect is perhaps the Shenzhen-based company’s strongest spinoff, providing a needed service to financial institutions struggling with legacy computer systems. It operates in a less-competitive space than Ping An’s consumer-focused apps.Ping An Healthcare and Technology Co., the online platform better known as Good Doctor, is a medical portal that competes with Tencent Holdings Ltd.’s WeDoctor. Its Hong Kong post-listing performance has been weak. After languishing for much of the year under its IPO price, the stock has only recently been in the black.Then there’s Lufax, which is more than 40% owned by Ping An and is also struggling. The world’s most valuable financial technology startup just three years ago, Lufax was caught up in Beijing’s clampdown on peer-to-peer lenders and is now reshaping itself as a consumer-finance company. It’s safe to say it won’t be listing anytime soon.Even China’s hottest companies have struggled to raise capital. OneConnect’s travails don’t bode well for another of Ping An’s B2B firms, HealthKonnect. The cloud platform for the healthcare sector was valued at $8.8 billion after a fundraising early last year. Now, the unprofitable startup will have to push any potential IPO plans further down the road. Ping An’s tech ambitions have allowed it to trade at 2.35 times book value versus 1.44 times for rival China Life Insurance Co., though the state firm has outperformed it in the past 12 months. Ping An trails only Berkshire Hathaway Inc. in market value as an insurer globally, but it’s a lot more expensive than Warren Buffett’s firm, which trades at 1.4 times book.The 31-year-old company set up OneConnect only in 2015, and perhaps one day it will be more a tech giant than an insurer. But fintech and “healthtech” made up just 4.1% of third-quarter revenue. Investors should remember that. To contact the author of this story: Nisha Gopalan at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- China-based cloud fintech platform OneConnect Financial Technology Co. cut its planned U.S. initial public offering set for Thursday by almost half.The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., said in a filing Wednesday that it was reducing both the size of the share sale as well as the targeted price range. Instead of raising as much as $504 million, the listing is now targeting as much as $260 million.OneConnect is now planning to sell 26 million shares for $9 to $10 each, instead of 36 million for $12 to $14 as planned earlier, according to the filing.OneConnect opted for a New York listing despite U.S.-China tensions. The company earlier considered a Hong Kong listing with a target of raising about $1 billion at a valuation of about $8 billion, Bloomberg reported in February.OneConnect, backed by SoftBank’s Vision Fund, provides technology solutions that help increase revenue and manage risks for small and midsize financial institutions in China.SoftBank has placed bets on companies under the state-linked insurer Ping An, as part of its play in combining technology and insurance. Last year, Vision Fund invested in Ping An Good Doctor and Ping An Healthcare Technology.OneConnect had a net loss of $147 million on revenue of $218 million during the nine months ended Sept. 30, compared with an $82 million net loss on revenue of $128 million for the same period last year, its filings show. Since 2017, Ping An Group has extended to OneConnect more than $1 billion in loans with interest rates ranging from 4.55% to 7.3%.The offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Ping An Securities Group Holdings Ltd. OneConnect said in the filing that it plans to list its shares on the New York Stock Exchange under the symbol OCFT.To contact the reporter on this story: Crystal Tse in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
Ping An Insurance (Group) of Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that Ping An Global Voyager Fund, its overseas investment arm, has led a US$70 million Series D in Indian auto technology company CarDekho, alongside Sequoia Capital and Hillhouse Capital. This is Ping An's first venture investment in India.
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) has received two awards at the Directors Of The Year Awards 2019, organized by the Hong Kong Institute of Directors. Ping An's Board of Directors won the Board award in the Listed Companies Boards category for its outstanding corporate governance. Dr. Ma Mingzhe, Chairman and CEO of Ping An, received the individual award in the Listed Companies Executive Directors category for adopting global practices in corporate governance and risk management and innovation in corporate governance.
Ping An Insurance's OneConnect Financial Technology launched a U.S. initial public offering (IPO) of up to $504 million on Tuesday, reducing both its target offering size and valuation. The price range values OneConnect at between about $4.5 billion and $5.5 billion in its long-awaited public offering, said people with knowledge of the matter. The float comes as tech investor SoftBank smarts from the abandoned share sale of major portfolio firm WeWork, as well as its first quarterly loss in 14 years dragged down by an $8.9 billion hit at its giant Vision Fund, through which it invested in OneConnect.
(Bloomberg Markets) -- Just 31 years after it was founded in China’s southern city of Shenzhen, Ping An Insurance (Group) Co. has grown into the world’s second-largest insurer by market value after Berkshire Hathaway Inc.—more valuable than Allianz SE and AIA Group Ltd. combined. A financial supermarket that offers insurance, asset management, banking, and trust services, Ping An (which roughly translates to “safe and well”) added a focus on technology in the wake of the financial crisis. Now it has five groups of internet platforms, which it calls ecosystems, focused on finance, property, automotive, health care, and services for the “smart city.” More than 576 million users and 100 Chinese cities are connected to at least one of those ecosystems. One of the businesses, Ping An Healthcare and Technology Co., which runs the health-care portal Good Doctor, has already listed separately. Shanghai Lujiazui International Financial Asset Exchange Co., the unit that manages the finance website Lu.com, postponed a planned public offering in 2016 when the government cracked down on peer-to-peer lending. Ping An has started licensing technology to peers at home and abroad. Below are excerpts from Bloomberg Markets’ September interviews about the company’s strategy, conducted separately with two of Ping An’s co-chief executive officers, Jessica Tan and Lee Yuan Siong. (Lee will be leaving at the end of January to become AIA Group CEO and president on June 1.)BLOOMBERG MARKETS: How will technology change Ping An in the next decade?JESSICA TAN: For technology, we have a three-step path. The first is to enable finance with technology, using technology to very aggressively innovate our business model from sales to risk control and operations, which we’ve been doing in the past 11 years. The second step is to use technology to enable the ecosystems, targeting either consumers or businesses and the government. Then it’s the ecosystems nurturing finance when they’ve reached a certain size, but that takes some time. That’s started, especially in terms of new-client acquisition, as it’s an area where we started out early. But the real benefits here have yet to show themselves.In 10 years we’ll just become a “technology-plus-finance” company. We’re already starting to show that. Technology’s contribution to revenue remains small to the company now, even though it’s already a big number—38.4 billion yuan [$5.4 billion] in revenue in the first half of this year from the 11 tech companies. But when we do better at the second and third steps, the contribution from technology will become bigger and bigger.BM: How does Ping An’s tech measure up with that of competitors around the world?JT: We now have 32,000 researchers, a combined 101,000 tech staff at the 11 tech units, more than 20,000 patents—96% are invention patents—and eight research institutes. In terms of input, our technology strength is unparalleled among financial institutions.Even compared to globally leading technology companies, we’re often even stronger in the area of finance. Some of our technologies are rarely seen or even impossible to find among financial institutions globally. Ping An OneConnect’s [fintech and cloud computing] products domestically are being used by 618 banks, 84 insurance companies, and nearly 3,000 other nonbanking financial institutions. In seven overseas markets, there are about 27 financial institutions using them, and most of them are relatively large financial institutions. So I believe we’re very competitive here.BM: What is the response to Ping An’s technology in the rest of Asia?JT: There’s a lot more demand than we expected. When OneConnect set up its overseas office [in Singapore] about one year ago, we thought a small office would do. Now it has more than 200 full-time employees [in Singapore, Indonesia, and Thailand].At present, demand is particularly strong in three areas. One is SME [small and midsize enterprise] financing, which is a very hot topic at home and abroad. Our advantage here is that we have the technology to truly aggregate many data to create risk profiles of small and medium-sized businesses. And since we’re a financial company ourselves, financial companies believe our model can work. And even if you don’t trust me, I can do it myself with my own money.The second one is personal finance, another area with very, very strong demand. The third area is efficiency improvement. Asia, in many places, still depends on people for sales, but we have a lot of sales management tools.We’ve done this ourselves. I can improve the productivity of 1.4 million agents; we absolutely can improve it for your people. As long as financial institutions want to do it, we’re a very good partner.Many people are worried that we’re competing with the local financial institutions, because Ping An has a reputation domestically of being strong. I would say, “Look, I’m just an enabler.”“After moving online, you can accumulate massive data as every step leaves a data trail”BM: How many potential unicorns are there in the company’s incubator, and what do they do?JT: It’s hard to say. Whether it’s 11 or any other number is not important. What’s more important is we do our job around those five areas [finance, health, auto, property, and the smart city]. For finance, Lufax and OneConnect are the main ones. One serves clients directly and the other enables the entire market. I guess there won’t be new ones. OneConnect will have more modules, while Lufax will become more and more efficient, with its wealth management robot popularizing wealth management services.The reason we now have 11 tech units is a management decision. It’s actually very hard for a company as big as we are to keep innovating and stay nimble. We encourage the use of small teams to try things out while coordinating among themselves with clear positions for everyone.BM: How much more can the insurance business do to achieve cost savings, efficiency improvements, and other value creation from technology?LEE YUAN SIONG: Using new technology to empower our business is a never-ending journey. We started earlier than others, have done more, and gone further, but that doesn’t mean we’re already close to the end. What we need to do is to always keep ahead of peers—moving faster and further, with them chasing behind us.In terms of specific indicators, our life insurance business, including internal management, is already 93% online and paperless. We can hit 100% within a year, but being online and paperless is no end to the application of technology. The four main business lines of property insurance are about 90% online and paperless and could also achieve 100% within a year.After moving online, you can accumulate massive data as every step leaves a data trail. Then you can digitalize, with data guiding your decisions for business operations, management to services, sales, and risk control. The third step is using AI to make judgments and decisions. We’ve seen clearly the benefits, and we’re just taking action to realize them in every aspect of the business.We’re pushing the group as well as the business units to, within 18 to 36 months, achieve full digitalization—with data driving management decisions at every step. We’ve been employing artificial intelligence in various scenarios for intelligent management, such as in auto claims settlement, pricing of property insurance, as well as the interviews of agents.The value can be seen in many ways, from enhanced customer satisfaction to better risk management and higher efficiency. Our auto insurance combined ratio is 3 percentage points lower than the industry’s, which is a long-term and direct impact. The nonperforming ratio of our loans is also very low.BM: You’ve said Ping An is undervalued because investors are underestimating the value of your technology. Could there be risks that investors are seeing but you aren’t?LYS: We’ve been building an integrated financial-services model, which is different from the universal banking seen abroad and has achieved very good results. From the growth in the number of clients and profit per client, you can see it’s actually a very successful model. We’ve been telling the capital market to see our potential value in the growth of our clients and per-client profit. That’s starting to be accepted by the market.The ecosystems are an upgrade of our entire technology segment. That includes the listings of the units, the tech products, which create direct value. Besides that, when the ecosystems enable our integrated financial services, it creates additional value and should add a premium to the valuation of our integrated financial services.Almost one-third of our new clients come from the ecosystems, and that’s why our client number keeps rising, to 196 million. Profit per client keeps rising and the number of products per client keeps increasing, too.The ecosystems are not yet included in the valuation models in the capital market. The value of the integrated finance is partly reflected—so the value of the core business isn’t fully reflected, either. So every segment has room. As to how much room, I won’t give guidance. It’s up to the capital market to assess.BM: How will autonomous driving affect auto insurance?LYS: It will have a relatively big impact on the current business conditions of auto insurance, which we must admit. How it’s going to change depends on, firstly, the advance of technology, and secondly, how the legal environment adapts to autonomous driving: how to assign responsibility when accidents occur—who’s responsible and how big is the responsibility. It’s going to change auto insurance, but it’s also going to bring opportunities, such as liability insurance.BM: How does Ping An compete with online insurance offerings from tech companies?LYS: Indeed, a lot of interpersonal communications and transactions are now taking place online, and that’s why we are moving onto the internet. We have massive offline forces and networks, but we’ve already moved online.Our life insurance Jin Guan Jia [or “golden housekeeper”] app has 220 million users. The property insurance unit’s Ping An Auto Owner app has more than 70 million users, and even the small health insurance unit has 10 million app users, and Lufax has more than 40 million users. So while we have huge offline forces, we’re actually very much internet-based already, with communication and interaction between clients and our agents, service staff, and managers taking place online highly efficiently.We focus on finance and health, and have deeper understanding about client needs in those two domains than pure e-commerce, social, or news-oriented internet platforms do. With our huge internet presence, our offline service networks are actually an advantage.We’re changing every year. When younger generations born after 1990 and 2000 become the main consumers, financial institutions need to understand how to interact and communicate in ways they like. So we’re prepared for the competition. There was simply no other option.To contact Bloomberg News staff for this story: Dingmin Zhang in Beijing at email@example.comTo contact the editor responsible for this story: Christine Harper at firstname.lastname@example.org, Jon AsmundssonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ping An Insurance's OneConnect Financial Technology plans to launch a U.S. initial public offering (IPO) for about $500 million on Tuesday, people with knowledge of the matter said, reducing both its target offering size and valuation in a rare "down round". The unit of China's biggest insurer by market value, Ping An Insurance Group Co of China Ltd, is looking for a valuation of between $4.5 billion and $5.5 billion in its long-awaited public offering, said the people. OneConnect, which provides technology solutions to small and medium-sized financial institutions, was eyeing a valuation of about $8 billion and an IPO of up to $1 billion, sources told Reuters in June.
Asia-focussed insurer AIA Group Ltd on Friday named a senior executive at Chinese rival Ping An Insurance Group Co as its chief executive officer to replace company veteran Ng Keng Hooi. Lee Yuan Siong, a co-CEO at Ping An Insurance, will take over as CEO and president-designate from March 1, 2020, and will assume full responsibility from June 1, Hong Kong-headquartered AIA said in a statement issued to the stock exchange. Before joining Ping An, China's largest insurer by market value, in 2013, Lee worked at Prudential Plc and the Monetary Authority of Singapore.