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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Ping An Insurance (Group) Company of China, Ltd.    2318   CNE1000003X6

PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

(2318)
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Ping An Insurance of China : Voluntary Announcement - Completion of Overseas Listing of Lufax Holding Ltd

10/30/2020 | 06:41am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purpose only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation. In particular, this announcement does not constitute and is not an offer to sell or an invitation or a solicitation of any offer to buy or subscribe for any securities in Hong Kong, the United States of America or elsewhere. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Neither this announcement nor any content contained herein shall form the basis of any contract or commitment whatsoever. Such offer or invitation will be made only by means of a prospectus that will contain detailed information about the issuer and management, as well as financial statements and only in jurisdictions in which such offer or invitation may legally and validly be made.

VOLUNTARY ANNOUNCEMENT

COMPLETION OF OVERSEAS LISTING OF

LUFAX HOLDING LTD

Reference is made to the announcement of Ping An Insurance (Group) Company of China, Ltd. (the "Company") dated October 8, 2020 in relation to the submission of overseas listing application by Lufax Holding Ltd ("Lufax Holding"), an associate of the Company.

The Company has been informed that the listing of Lufax Holding's American depositary shares ("ADSs", every two ADSs representing one ordinary share of Lufax Holding) on the New York Stock Exchange (stock code: LU) has been approved and the trading of ADSs will commence on October 30, 2020 (New York time). The final offer price of the ADSs issued under this offering (the "Offering") was US$13.50 per ADS. Assuming the over-allotment option (the "Over-allotmentOption") is not exercised, the total number of ADSs to be issued is 175 million, and the net proceeds from the Offering to be received by Lufax Holding, after deduction of the underwriting fees, commissions and estimated expenses payable by Lufax Holding in connection with the Offering, are approximately US$2,265 million. If the Over-allotment Option is exercised in full, Lufax Holding will receive net proceeds of approximately US$341 million, with 26,250,000 additional ADSs to be issued.

As at the date of this announcement, the Company holds a total of 474,905,000 ordinary shares of Lufax Holding, representing approximately 39.0% of its total issued share capital.

The listing of Lufax Holding does not constitute a notifiable transaction for the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

By order of the Board

Sheng Ruisheng

Joint Company Secretary

Shenzhen, PRC, October 30, 2020

As at the date of this announcement, the executive directors of the Company are Ma Mingzhe, Xie Yonglin, Tan Sin Yin, Yao Jason Bo and Cai Fangfang; the non-executive directors are Soopakij Chearavanont, Yang Xiaoping and Wang Yongjian; the independent non-executive directors are Ge Ming, Ouyang Hui, Ng Sing Yip, Chu Yiyun and Liu Hong.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ping An Insurance (Group) Co. of China Ltd. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 11:39:03 UTC


© Publicnow 2020
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Financials
Sales 2020 766 B 118 B 118 B
Net income 2020 132 B 20 460 M 20 460 M
Net Debt 2020 - - -
P/E ratio 2020 13,0x
Yield 2020 2,25%
Capitalization 1 784 B 230 B 276 B
Capi. / Sales 2020 2,33x
Capi. / Sales 2021 2,21x
Nbr of Employees 372 194
Free-Float 82,8%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 27
Average target price 94,00 CNY
Last Close Price 96,00 CNY
Spread / Highest target 21,9%
Spread / Average Target -2,08%
Spread / Lowest Target -17,5%
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Managers and Directors
NameTitle
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board