On January 23, an informed source told the International Finance News that it is extremely hard for Ping An Insurance Group, China's second largest life insurer, to carry out a plan to raise 150 billion yuan through a new round of share issues. Regulatory authorities would not approve it even if it were passed by shareholders because they can surmise what kind of impact these additional share issues would have on society, the source stated.
In addition, most of the players in the secondary market strongly object to the insurer's request for an additional share issue, with some brokers stating that they would play no part in it at all. Moreover, some analysts have begun to express doubt as to whether the company is taking its social responsibility seriously.
For more details, please read the full story in Chinese. (http://paper.people.com.cn/gjjrb/html/2008-01/24/content_40074655.htm)
(China.org.cn January 24, 2008)
