Ping An to raise $22 billion for foreign acquisitions

01/21/2008 | Financial Times (free content) · China Daily (Beijing)

In mainland China's largest share sale ever, Ping An Insurance is planning to raise about $22 billion through a sale of new shares and six-year convertible bonds. The funds will be used to acquire foreign companies. "The financial sector in the US and Europe has been depressed for a while now and this presents a buying opportunity for Chinese firms like Ping An," said Steven Sun of HSBC.

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Financial Times (free content) · China Daily (Beijing)

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