Ping An Insurance seeks OK to issue debt up to RMB 10 billion

By Mary-Katherine Stinson

Lexington, Ky., April 19 – Ping An Insurance (Group) Co. of China Ltd. will seek approval to issue new debt financing within the next 12 months at the company’s annual general meeting on May 12, according to a notice.

The debt instruments of not more than RMB 10 billion or the equivalent in other currencies would be issued in one or more tranches in domestic or overseas markets in terms not to exceed 10 years.

The company is proposing that shareholders grant a general and unconditional mandate to the company’s board to further authorize executive directors to handle all relevant matters in relation to the new issue.

The net proceeds from any issuance of the debt financing instruments under the general mandate will be used to replenish capital and/or working capital, and/or repay its debt and/or invest in projects to support business development of the group. The specific use of proceeds will be determined by Ping An’s board or its delegates according to the company’s capital requirements.

Ping An Insurance is a financial services company based in Shenzhen, China.

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