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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Ping An Insurance Group Company    601318   CNE000001R84

PING AN INSURANCE GROUP COMPANY

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

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09/20/2019 | 02:17am EDT
FILE PHOTO: Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong

HONG KONG (Reuters) - 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.

The company, which counts Japan's SoftBank Corp among its main investors, was earlier looking to launch the initial public offering (IPO) as early as this month.

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.

The unit's latest listing timetable could change subject to market conditions and investor reaction, however, said the person, who declined to be identified because he was not authorized to speak to media.

Ping An did not immediately reply to Reuters emails and phone calls.

The company raised $750 million in its maiden funding round in 2018, valuing it at $7.5 billion. It has previously selected JPMorgan, Goldman Sachs and Morgan Stanley to work on its IPO.

(Reporting by Clare Jim; Editing by Kim Coghill)

Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP INC. 0.17% 209.6 Delayed Quote.25.26%
JPMORGAN CHASE & CO. 1.00% 124.79 Delayed Quote.26.56%
MORGAN STANLEY 0.89% 45.38 Delayed Quote.14.45%
PING AN INSURANCE GROUP COMPANY -0.88% 89.5 End-of-day quote.60.94%
SOFTBANK CORP End-of-day quote.
SOFTBANK GROUP CORP. -0.02% 4298 End-of-day quote.-38.64%
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Financials (CNY)
Sales 2019 946 B
EBIT 2019 216 B
Net income 2019 157 B
Debt 2019 -
Yield 2019 2,79%
P/E ratio 2019 10,1x
P/E ratio 2020 9,91x
Capi. / Sales2019 1,81x
Capi. / Sales2020 1,61x
Capitalization 1 709 B
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Technical analysis trends PING AN INSURANCE GROUP CO
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Mean consensus BUY
Number of Analysts 21
Average target price 99,87  CNY
Last Close Price 85,18  CNY
Spread / Highest target 49,2%
Spread / Average Target 17,2%
Spread / Lowest Target -7,33%
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