PIAIF - Ping An Insurance (Group) Company of China, Ltd.

Other OTC - Other OTC Delayed Price. Currency in USD
11.65
+0.05 (+0.43%)
At close: 10:02AM EST
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Previous Close11.60
Open11.60
Bid0.00 x 0
Ask0.00 x 0
Day's Range11.60 - 11.65
52 Week Range8.38 - 12.54
Volume342
Avg. Volume2,287
Market Cap223.159B
Beta (3Y Monthly)1.32
PE Ratio (TTM)13.39
EPS (TTM)0.87
Earnings DateN/A
Forward Dividend & Yield0.27 (2.34%)
Ex-Dividend Date2019-09-04
1y Target EstN/A
  • Financial Times

    Ping An fintech arm chooses US over Hong Kong for IPO

    OneConnect, the financial technology arm of China’s largest insurance company, has picked the US over Hong Kong to launch its long-awaited initial public offering. The Ping An Insurance affiliate listed its offering size as $100m, a figure described by one banker involved as a place holder amount that was likely to change. SoftBank led a funding round valuing OneConnect at $7.5bn last year, according to Ping An’s 2018 annual report.

  • Ping An’s OneConnect Financial Files for IPO Amid U.S. Lull
    Bloomberg

    Ping An’s OneConnect Financial Files for IPO Amid U.S. Lull

    (Bloomberg) -- China-based cloud fintech platform OneConnect Financial Technology Co. filed for an initial public offering in a listing that could help buoy the sagging market for new U.S. listings.The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., listed its offering size as $100 million in a filing Wednesday. That’s typically a placeholder that may change.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’s filing follows this year’s surge of U.S. IPOs that peaked with Uber Technologies Inc.’s $8.1 billion offering in May. Twenty listings in October raised $2.41 billion, though plans for several big listings were scrapped or delayed, according to data compiled by Bloomberg.The year’s U.S. listings -- 158 raising more than $47 billion combined -- have included 24 by China- and Hong Kong-based companies that accounted $3.05 billion that total. Only three of those companies are currently trading above their offer price, the data show.SoftBank’s StrugglesOneConnect, 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.SoftBank’s dealmaking prowess is being questioned after WeWork abandoned plans for an IPO of as much as $3.5 billion and the uncertain path to profitability for some other of its portfolio companies, including Didi Chuxing.WeWork’s troubles shouldn’t affect OneConnect’s plan for a public listing or its valuation, Ping An co-Chief Executive Officer Jessica Tan said in an interview Sunday, citing potential demand for enterprise technology services in China.Loss GrowsOneConnect 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, the filing shows. 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 or the Nasdaq Global Market under the symbol OCFT.(Updates with SoftBank investments in seventh paragraph)To contact the reporters on this story: Crystal Tse in New York at ctse44@bloomberg.net;Yueqi Yang in New York at yyang492@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Polina Noskova at pnoskova@bloomberg.net, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Should You Think About Buying Ping An Insurance (Group) Company of China, Ltd. (HKG:2318) Now?
    Simply Wall St.

    Should You Think About Buying Ping An Insurance (Group) Company of China, Ltd. (HKG:2318) Now?

    Let's talk about the popular Ping An Insurance (Group) Company of China, Ltd. (HKG:2318). The company's shares saw its...

  • Bloomberg

    Chinese Companies Are Rushing to List on Wall Street

    (Bloomberg) -- The U.S. and China may be locked in a prolonged trade war but that’s not stopping Chinese companies from trying to list on Wall Street.Nine Chinese companies have filed for initial public offerings in the U.S. this month, including three overnight, making October the busiest of the year so far in terms of filings, according to data compiled by Bloomberg.Canaan Inc., the world’s second-largest maker of Bitcoin mining machines, podcast and radio streaming app creator Guangzhou Lizhi Network Technology Co., and the operator of the Chinese co-living platform Danke Apartment, Phoenix Tree Holdings Ltd., all filed overnight. Meanwhile Fangdd Network Group and apartment rental business Q&K International Group are both taking investor orders this week.The flurry of activity comes even as the U.S. threatens to delist Chinese companies from American exchanges and amid the blacklisting of Chinese technology companies.In addition, the performance of Chinese IPOs in the U.S. has been dismal. All but four of the 25 companies that have completed U.S. listings this year are underwater. The average return is a 24% slump from their offer prices and the companies have raised 63% less than in the same period last year, the data show. Three companies that made their debuts last Friday, including NetEase Inc.’s education arm Youdao Inc., are now down by an average 24%.Still, two of the three largest deals this year have performed well. Luckin Coffee Inc. and GSX Techedu Inc., which raised $853 million between them, have respectively risen 20% and 44% from their offer prices.Applications from Chinese companies to list in Hong Kong have also picked up this month to the most since June, with 13 filing for IPOs in what may signal an acceleration of deal activity after a summer drought.UPCOMING LISTINGS:Chongqing Rural Commercial BankSize $1.5bShanghai stock exchangeListing Oct. 29CICC, China SecuritiesESR Cayman Ltd.Hong Kong stock exchangeSize $1.6bListing Nov. 1CLSA, Deutsche Bank, Morgan StanleyHanwha SystemsKorea exchangeSize up to $390mPricing Oct. 31; listing Nov. 14Citi, Korea Investment & Securities, NH InvestmentS Hotels and ResortsThailand exchangePrice 5.2 baht per shareListing Nov. 12Credit SuisseBangkok Commercial Asset ManagementThailand stock exchangeSize at least $700mListing date TBATrinity Securities, Kasikorn SecuritiesLotte REITKorea stock exchangeSize $353mListing date Oct. 30HSBC, Korea Investment & Securities, NomuraCMGE Technology GroupHong Kong exchangeSize up to $166mListing Oct. 31BNP, CICCSinic Holdings (Group) Co.Hong Kong stock exchangeUp tp $287 millionPricing Nov. 8, listing Nov. 15ABC International, Huatai FinancialChina FeiheHong Kong stock exchangeSize up to $1.1bListing expected Nov. 13JPMorgan, CMS, CCB InternationalMore ECM situations we are following:TikTok owner ByteDance Inc. is focused on hiring staff to beef up its international operations before considering an initial public offering in the U.S. or Hong Kong over the longer term, according to people familiar with the matter.Yalla Technology FZ-LLC, which develops a voice-chat app that focuses on the Middle East market, is planning an initial public offering in the U.S., people familiar with the matter said.The institutional order book for China Feihe Ltd.’s Hong Kong initial public offering was covered on the day it launched, according to people with knowledge of the matter.Investors seized the chance to take part in China’s largest convertible bond sale, showing just how coveted the equity-like securities have become.Chinese property developer Sinic Holdings (Group) Co. started taking investor orders for its proposed Hong Kong initial public offering that could raise as much as $287 million, according to terms of the deal obtained by Bloomberg.Zheng He Capital offers 22.5m shares of Ping An Healthcare & Technology Co., known as Ping An Good Doctor, at HK$55.30 to HK$56.85 apiece, according to terms for the deal obtained by Bloomberg.SEE ALSO:Asia ECM Weekly AgendaIPO dataU.S. ECM WatchEU ECM WatchTo receive the ECM Watch in your inbox daily, click the “subscribe” button at the top of this article\--With assistance from Zhen Hao Toh.To contact the reporter on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.netTo contact the editors responsible for this story: Teo Chian Wei at cwteo@bloomberg.net, Margo TowieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Ping An’s $22 Billion Push to Shed Old-School Insurance Skin
    Bloomberg

    Ping An’s $22 Billion Push to Shed Old-School Insurance Skin

    (Bloomberg) -- Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to block chain will work.While Ping An (Group) Co.’s Hong Kong-traded stock has risen 36% since January, it trades at 9.7 times projected earnings over the next 12 months, well below Tencent Holdings Ltd. and Alibaba Group Holding Ltd., both at more than 20.The insurance and financial firm, which still makes the bulk of its money selling old-school life, health and property and casualty policies, has pinned much upon being able to hand rear, and then spin off, tech unicorns.Yet online health provider Good Doctor, which Ping An listed in 2018, is losing money and car-buying website Autohome Inc. has shed close to one-quarter of its value since its May peak. Wealth management platform Lufax is stuck in the IPO pipeline amid regulatory changes, and now WeWork’s debacle has cast a pall over the share-sale prospects of fintech unit OneConnect.Investors shouldn’t be “over excited” about Ping An’s technology push, said Leon Qi, who covers financial companies at Daiwa Capital Markets Hong Kong Ltd. The progress of spinning off tech unicorns is below expectations, he said.At HK$88 a share, Qi has the lowest target price for Ping An among analysts tracked by Bloomberg. The stock closed Wednesday at HK$93.90.Such skepticism doesn’t sit well with Co-Chief Executive Officer Lee Yuan Siong.Ping An’s shares haven’t even begun to reflect the benefits that the company’s internet operations, known as its five ecosystems, have started bringing to the firm’s core financial businesses, Lee said.Impressive Statistics“Every part has room” to increase in valuation, he said in an interview from his office in Shenzhen’s Ping An Finance Center, the city’s tallest building from which, on a clear day, Hong Kong is visible in the distance. “Should the smart investor, before it’s reflected, invest first?”Ping An’s embrace of everything high-tech has produced some impressive statistics. Automotive claims can be settled online in under three minutes; chatbots answer callers’ inquiries with 95% accuracy; delivering insurance policies electronically saves 310 million sheets of paper a year.The firm has plowed $7 billion to date into technology and R&D and plans another $15 billion over the next decade. It’s spun off 10 tech startups, based around those five ecosystems in financial services, health care, real estate, automobile, and smart city, or government, services.The strategy itself is not hard to understand. Technology can improve Ping An’s main life, health insurance and financial-services businesses, and generate additional value for those areas, by helping to acquire new customers and lower costs with more accurate pricing. Ping An’s tech products can also bring in revenue streams of their own if sold to third parties, while the startups, once listed, can create additional shareholder wealth.It’s an approach that’s helped Ping An deliver faster new business value growth than its peers, as well as profitability at its property-insurance arm that’s 3 percentage points above the industry average.‘Unknown Magic’Lee said Ping An’s ecosystems are already bringing in about one-third of the group’s new financial-services clients, or 20 million in the first half of this year. That’s helped to boost operating profit per client by more than 20%. The growth will continue because Ping An can “very easily” cross-sell things like medical insurance and auto loans, he said.“Ecosystems can be a real value driver, if done right,” said Henrik Naujoks, the Hong Kong-based global head of insurance at Bain & Co. They allow insurers to redefine their traditionally “low-touch” customer relationship by adding services and by gaining deeper insights into things like driving habits, which can then translate into more sophisticated underwriting models, customer selection and pricing, he said.Ping An is “seen as one of the most, if not the most, technologically advanced insurance companies globally,” Naujoks said. “I’m organizing regular events and Ping An is always the ‘unknown magic’.”As other insurance players watch Ping An, it’s focused on the world of startup innovations. Chief Innovation Officer Jonathan Larsen, a former Citigroup Inc. veteran, tracks about 7,500 fintech companies globally and another 7,500 in health care, scouring the field for potential investments or partnerships.That approach, he says, has helped the group become one of a very few large financial institutions globally to create technology-based business lines. Goldman Sachs Group Inc.’s Marcus -- a retail brand that offers personal loans and online savings accounts to individuals -- is another rare example, but smaller than Ping An’s tech units, he said.In terms of on-selling the technology it develops, Ping An counts international firms like France’s AXA SA as clients, he said.The closed loop of value creation can take time to come to fruition, said Jessica Tan, Ping An’s Co-CEO of technology. “Why do we dare to do that? Because every step we take is no regret -- even if you don’t believe what comes next, our every step itself has its very solid reward of value.”It’s still early days, though.Ping An’s technology units contributed just 3.8% of operating income in the first half, down from 7% a year earlier, as expenses rose. The company is due to report third-quarter earnings Thursday.Ping An needs to deliver “real synergies” within its ecosystems to convince investors, particularly those burned by once high-flying tech firms like Leshi Internet Information & Technology Corp., according to Vey-Sern Ling, a Singapore-based internet analyst with Bloomberg Intelligence.The contribution of Ping An’s ecosystems in adding new financial-services clients only amounts to “an additional customer acquisition channel,” a function that can also be performed traditionally by agents offline plus has its own costs, he said.And when it comes to competing outside of China as a tech firm, Ping An -- whose name in Chinese means ‘safe and well’ but whose brand overseas is little known -- needs to earn customers’ trust, Bain & Co.’s Naujoks said.Daiwa’s Qi, one of Ping An’s most bearish observers, is blunter still.“For Ping An’s biggest segment of life insurance, we’re not really seeing technology as revolutionary,” he said. As for the company’s fabled ecosystems, “we prefer to call it a cross-selling model.”(Updates with executive comment in 9th paragraph.)To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.netTo contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Candice ZachariahsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Hong Kong Police Already Have AI Tech That Can Recognize Faces
    Bloomberg

    Hong Kong Police Already Have AI Tech That Can Recognize Faces

    (Bloomberg) -- Hong Kong law enforcement authorities have access to artificial intelligence software that can match faces from any video footage to police databases, but it’s unclear if it’s being used to quell months-long pro-democracy protests, according to people familiar with the matter.Police have been able to use the technology from Sydney-based iOmniscient for at least three years, and engineers from the company have trained dozens of officers on how to use it, said the people, who asked not to be identified because the information isn’t public. The software can scan footage including from closed-circuit television to automatically match faces and license plates to a police database and pick out suspects in a crowd.In addition to tracking criminals, iOminiscient’s artificial intelligence can be used for everything from finding lost children to managing traffic. In one training session that took place after the protests began in June, the people said, officers asked how to automatically identify license plate numbers using dashboard cameras.Questions over the use of facial recognition technology have loomed over the protests, stoking fears that Hong Kong is moving closer to a mainland-style surveillance state. Demonstrators have worn masks, destroyed CCTV cameras, torn down so-called smart lampposts and used umbrellas to hide acts of vandalism. Authorities in turn used an emergency law this month for the first time in more than half a century to ban face masks, a move that triggered increased violence.“Hong Kong people are afraid of being captured by the CCTV cameras,” said Bonnie Leung, a district councilor and a former leader of the Civil Human Rights Front, which has organized some of the biggest protests in the past few months. “Why are people still wearing face masks? Because of the police surveillance.”While Hong Kong’s government has disclosed some ways it uses facial recognition technology, Chief Executive Carrie Lam’s administration and the police haven’t publicly confirmed whether they are using it to monitor the protests. Patrick Nip, secretary for constitutional and mainland affairs, said in June that no government department had procured or developed automated facial recognition-CCTV systems or applied the technology in CCTV systems.Nip’s office referred all questions on facial recognition technology to the police, which didn’t respond to multiple requests for comment.iOmniscient declined to comment on whether Hong Kong’s police use its facial recognition technology. The company said that its technology also has the capability to keep identities anonymous for such uses as crowd control. Its systems are used in more than 50 countries and only a small portion of overall revenue comes from Hong Kong, where business opportunities are relatively limited given privacy concerns and fewer cameras compared with other cities, according to the firm.Under Hong Kong’s privacy laws, which are more stringent than the mainland, members of the public must be informed if they’re subject to surveillance. If authorities are matching faces or names to identity markers, that would fall under the privacy ordinance, according to Stuart Hargreaves, a law professor at Chinese University of Hong Kong who researches surveillance and privacy issues. However, police can claim an exemption if the data is being used to detect or prevent crime.“Is the ‘facial recognition’ simply the police combing through video footage for ‘known individuals,’ or is there some kind of automated AI system at play?” Hargreaves said. “The truth is we simply do not know.”The world’s five most-watched cities are all in China, with the top city of Chongqing having about 168 cameras per 1,000 people, according to estimates by Comparitech. By comparison, Hong Kong’s 50,000 CCTVs are one-tenth the number in London and not enough to put it in the top 20 most-watched cities.Hong Kong authorities have tried to appease concerns by pointing out that there is no in-built facial recognition in recently installed smart lampposts or in CCTV cameras at China government offices. Still, the technology has been used in the city for more than a decade, including at the airport and Shenzhen border for immigration control.Next year a new electronic identity system is scheduled to come into effect in which as many as 100 public services will make use of biometric authentication, including facial recognition, eye scans, and finger and voice prints. A unit of Ping An Insurance Group Co., whose shareholders include the Shenzhen government, is responsible for the design, implementation and support of the core system, as well as facial recognition and imaging processing, according to a government statement in April.Some Chinese companies recently blacklisted by the U.S. over human rights concerns in the far west region of Xinjiang have their tech in Hong Kong. Face scan technology from AI startup Yitu Technology will be among the options that staff can choose to access the headquarters of the government’s electrical and mechanical services department, according to a June statement on the three-month trial project. Yitu didn’t immediately respond to a request for comment.Hangzhou Hikvision Digital Technology Co. cameras with facial recognition capabilities are installed outside of buildings including the Leisure and Cultural Services Department, though the facial recognition function hasn’t been turned on, according to responses from government agencies to lawmaker Charles Mok. The department told him it sent footage from its cameras to police seven times since the protests began.“The whole thing is: do you trust the government with your data?” said Mok, who has been in the information technology industry for more than 20 years. “That’s the problem, if there’s a whole breakdown of trust.”A Hikvision spokesperson said its products are sold through third parties, so it cannot confirm camera locations or whether a specific function is turned on. The group opposes the U.S. sanctions and is working to address concerns, recently retaining former U.S. Ambassador Pierre-Richard Prosper to advise on human rights and compliance.On Hong Kong’s streets, riot police have sought to avoid the cameras even while arresting more than 2,000 protesters, including nearly 100 people for violating the mask ban. They’ve used flashlights to disrupt media coverage, and some officers removed ID numbers and donned masks to hide their identities for fear that they could become victims of personal attacks online, known as doxxing. Apple Inc. recently pulled a live mapping app used by protesters to track some police deployments including of water cannons.Hong Kong protesters have continued distributing masks at rallies, telling demonstrators to take one “if you aren’t feeling well” to take advantage of exemptions in the law.At least one Hong Kong company, TickTack Technology, pulled out of the smart lamppost program after protesters tore one down and found a Bluetooth Beacon the company used to signal its location to devices including smartphones. Demonstrators then doxxed some of the group’s founders.“We prefer to be low-profile till things cool down,” a TickTack spokesman said by email.Hong Kong’s Innovation and Technology Bureau said in a statement that it “deeply regrets” that a local enterprise was cowed into stopping the supply of its technology, calling it a “serious blow” to local innovation. The government has denied that the lampposts have facial recognition capabilities.Hong Kong’s colleges are also involved in facial recognition. Tang Xiaoou, a professor at Chinese University of Hong Kong’s Department of Information Engineering, is a founder of SenseTime, the world’s most valuable artificial intelligence startup.The developer of facial recognition was among eight Chinese companies blacklisted by the U.S. over Xinjiang, where the Chinese government has implemented a massive program of surveillance and re-education camps to monitor the local mostly Muslim population. The company said it sees its technology as a “global force for good” and is disappointed with the U.S. sanctions, and will work to address any concerns.Sensetime said its focus in the city is on education and it does not have any contracts with the Hong Kong government. The group published Hong Kong’s first textbook on artificial intelligence for secondary schools.Banks including HSBC Holdings Plc allow clients to open accounts with selfies under guidelines of the Hong Kong Monetary Authority, which is also considering allowing face scans for ATMs. Customs guidelines allow firms to use face scans for security.The current protests may dampen enthusiasm for greater use of facial recognition. As demonstrations have become more violent and intense over the weeks, the number of masks has grown -- including, more recently, those of Chinese President Xi Jinping and the Guy Fawkes mask associated with the Anonymous movement.“The government is just trying to take away our rights,” Angus, a 22-year-old student wearing a surgical mask and black clothes, said on the day Lam announced the ban. “They’re just the tool of the Chinese government. We don’t want to be China.”(Updates with Hikvision comment.)To contact the reporter on this story: Blake Schmidt in Hong Kong at bschmidt16@bloomberg.netTo contact the editors responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.net, Adam Majendie, Chris KayFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga

    Avia Solutions Acquires Chapman Freeborn

    Cyprus-based Avia Solutions Group, a multipurpose aviation holding company, has completed the acquisition of 100% of the shares of U.K.-headquartered Chapman Freeborn Group. The entitles signed the initial ...

  • How the hostile bid lost its aura
    MarketWatch

    How the hostile bid lost its aura

    There have only been 17 completed or pending hostile deals launched so far this year. That is the lowest number since 1998 for the comparable year to date when there were 14, according to data from Dealogic.

  • Reuters

    Ping An's OneConnect plans New York listing in mid-Nov - source

    Ping An Insurance's OneConnect financial technology unit is aiming for a stock market debut in New York in mid November this year, a person with direct knowledge of the matter said. Ping An Insurance Group Co of China Ltd, China's biggest insurer by market value, changed the listing venue to New York from Hong Kong a few months ago in the hope of achieving a higher valuation. OneConnect, which provides technology solutions to small and medium-sized financial institutions, was eyeing a valuation of about $8 billion and raise up to $1 billion in the IPO, sources had told Reuters in June.

  • Here's My Favorite Chinese Stock to Buy in September (And It's Not a BAT)
    Motley Fool

    Here's My Favorite Chinese Stock to Buy in September (And It's Not a BAT)

    This 30-year-old insurer is one of the most innovative companies in the world.

  • 4 Hang Seng Index Shares Set to be Hurt by the RMB’s Depreciation
    Motley Fool

    4 Hang Seng Index Shares Set to be Hurt by the RMB’s Depreciation

    The decline in China's RMB could take a bite out of the earnings of these four Hong Kong-listed companies. Here's what investors should know.

  • Goldman Sachs, China's Ping An back artificial intelligence firm H20.ai
    Reuters

    Goldman Sachs, China's Ping An back artificial intelligence firm H20.ai

    Goldman Sachs Group Inc, China's Ping An Global Voyager Fund and others have invested $72.5 million in H20.ai, a rapidly growing artificial intelligence startup, the companies said on Tuesday. Founded in 2012, California-based H20.ai is a software company that aims to make it easier for companies that lack the skilled workforce or time to adapt to the rapidly changing artificial intelligence landscape, Chief Executive and founder Sri Ambati said in an interview. Customers like Capital One Financial Corp, Wells Fargo & Co, Aetna and Booking.com can use H20's platform to automate model building, feature engineering and to pull valuable insights out of large amounts of the companies' proprietary data, Ambati said.

  • Ping An Insurance says Hong Kong important hub despite mass protests
    Reuters

    Ping An Insurance says Hong Kong important hub despite mass protests

    HONG KONG/SHANGHAI (Reuters) - Ping An Insurance (Group) Co of China, the country's largest insurer by market value, said on Friday Hong Kong remains an important hub despite escalating mass protests, a day after it posted its strongest half-year profit growth in over a decade. Ten weeks of confrontations between police and pro-democracy groups have plunged Hong Kong into its worst crisis since it reverted from British to Chinese rule in 1997, and have presented the biggest popular challenge to Chinese President Xi Jinping in his seven years in power. "We continue to believe in Hong Kong as an important hub," said Jessica Tan, co-CEO of Ping An.

  • Ping An posts biggest jump in interim net profit since 2015, helped by a one-time tax benefit and a stock market rally in China
    South China Morning Post

    Ping An posts biggest jump in interim net profit since 2015, helped by a one-time tax benefit and a stock market rally in China

    Ping An Insurance (Group), China's largest insurer by value, posted the biggest jump in interim net profit since 2015, bolstered by a one-time tax benefit, a stock market rally and growth in its new business units.Net income soared 68 per cent to 97.7 billion yuan in the six months ended June 30, beating the 19 per cent increased expected in a Bloomberg survey of analysts. Revenue rose 17 per cent to 690.25 billion yuan (US$98 billion), while basic earnings per share rose 23.7 per cent to 4.12 yuan.The company, established three decades ago in China's technology hub of Shenzhen, is also one of China's largest financial conglomerates, involved in a range of businesses on top of insurance, including banking, wealth management, technology, health care online lending and virtual banking. According to Forbes' 2019 Global 2000 list, Ping An is the world's seventh-largest company by capitalisation, behind Apple and ahead of Royal Dutch Shell.SCMP GraphicsThe insurer made a one-time gain of 10.45 billion yuan from tax incentives on its life and property insurance businesses, which benefited from a new tax regime that kicked in three months ago.Operating profit, a better reflection of performance as it removes one-off items, rose 24 per cent, Ping An said. Operating profit on its core insurance business rose 36.1 per cent to 48.43 billion yuan, while income from property and casualty insurance jumped 69.5 per cent o 10.03 billion yuan.SCMP Graphics"As financial macro-control tightens, China is shifting the economic focus to high-quality development," said Peter Ma Mingzhe, founding chairman and chief executive of Ping An in the result statement. "We implement our ecosystem strategy steadfastly. We develop our technology business rapidly by building open platforms for pan financial assets and pan health care."Net profit from banking rose 15.2 per cent to 15.4 billion yuan. Ping An is HSBC's second-largest shareholder, with a 7 per cent stake.Ping An's net income was helped by China's stock market rally, where the Shanghai Composite Index had jumped 19.5 per cent in the first half, as the world's sixth-biggest gaining stock index. Total net investment income doubled to 93.86 billion yuan, as a result of increasing returns on its bond investment, higher dividend income and higher valuations from its stock holdings. Its securities business rose 31 per cent to 1.25 billion yuan.Profit margin widened, as Ping An focused on developing products that were more profitable, raising its new business value by 4.7 per cent, compared with 0.2 per cent a year ago.Ping An's shares rose for the second day in four, advancing by as much as 0.4 per cent to HK$87.20 in Hong Kong before earnings were announced.The company has also been a big investor in technology, making abundant use of artificial intelligence (AI) and big data analysis to enhance its car insurance, wealth management and even health care businesses. As many as 576 million internet users make use of Ping An's online platform at the end of June, 6.9 per cent more than the start of the year, the company said.Ping An OneConnect, the financial technology arm of Ping An which was awarded a virtual bank licence by the Hong Kong Monetary Authority (HKMA) in May, plans to provide the technology to help other financial institutions in the city manage fraud and loan default risks.The online population is a resource for Ping An, helping the insurer cross sell financial products to customers. Still, the operating profit from the technology business fell 28.9 per cent to 3.27 billion yuan, Ping An said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Reuters

    Exclusive: Ping An-backed Lufax to ditch P2P lending amid regulatory woes - sources

    BEIJING/SHANGHAI (Reuters) - Lufax, one of China's largest online wealth management platforms that is backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters. The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, two of the sources said, and comes amid China's crackdown on the business to contain broader financial risks. The sources said they did not know exactly when Lufax's P2P business would be shuttered, or how the outstanding business will be handled, but added that the company has already started the process of applying for a licence in consumer finance, a business which it intends to focus on.

  • Exclusive: Ping An-backed Lufax to ditch P2P lending on regulatory woes - sources
    Reuters

    Exclusive: Ping An-backed Lufax to ditch P2P lending on regulatory woes - sources

    BEIJING/SHANGHAI (Reuters) - Lufax, one of China's largest online wealth management platforms that is backed by financial giant Ping An Insurance , plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters. The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, two of the sources said, and comes amid China's crackdown on the business to contain broader financial risks. The sources said they did not know exactly when Lufax's P2P business would be shuttered, or how the outstanding business will be handled, but added that the company has already started the process of applying for a licence in consumer finance, a business which it intends to focus on.

  • Property speculators hope for investment paradise in southwest China
    Reuters

    Property speculators hope for investment paradise in southwest China

    A bus came to a halt amid a tropical rainforest not far from China's border with Myanmar, dropping off about 30 investors on a property tour, some with children in tow. Another praised the curative powers of Xishuangbanna's temperate weather. The river town in the hills of Yunnan province has seen a 40% surge in new home prices in June compared with a year earlier, ranking fifth among China's 338 biggest cities, according to private property data provider Qingdao Cityre Estate Data.

  • Reuters

    Ping An's OneConnect leaning towards New York over Hong Kong for IPO - sources

    Ping An Insurance's OneConnect financial technology unit is leaning toward picking New York over Hong Kong for its initial public offering (IPO) in the hope of achieving a higher valuation, three people with direct knowledge of the matter said. Ping An Insurance Group Co of China Ltd, China's biggest insurer by market value, had been planning a Hong Kong IPO of the unit since the beginning of the year in a deal that could raise up to $1 billion. The insurer is now seeking to list OneConnect in New York as early as in September, said one of the people, who were not authorised to speak to media and so declined to be identified.

  • Reuters

    China's Ping An Insurance profit jumps on strong investment returns

    SINGAPORE/BEIJING (Reuters) - Ping An Insurance (Group) Co of China Ltd, the country's largest insurer by market value, posted a 77 percent jump in first-quarter net profit on strong investment returns driven by a capital market recovery. Ping An, the only Asian insurer deemed globally systemically important by regulators, said its net profit came in at 45.52 billion yuan ($6.76 billion) for the quarter ended March, versus 25.70 billion yuan in the same period last year. Ping An's bottom line was pushed up by investment income that rose more than six times to 46.6 billion yuan.

  • Reuters

    DIARY-Hong Kong corporate earnings week ahead

    April 26 (Reuters) - Diary of Hong Kong (.HSI) corporate earnings for the week ahead. HONG KONG EARNINGS Start Date Start Time RIC Company Event Name (GMT) 29-Apr-2019 AMC 601939.SS China Construction ...

  • Alibaba, Ping An Insurance Favored: Antipodes Partners
    Bloomberg

    Alibaba, Ping An Insurance Favored: Antipodes Partners

    Jul.17 -- Sunny Bangia, deputy portfolio manager at Antipodes Partners, talks about Chinese consumer stocks including Kweichow Moutai Co., the world’s most profitable distillery which reported a 26.6% increase in net profit. He speaks on n"Bloomberg Daybreak: Asia."