Ping An Insurance plans up to RMB 26 billion of A share convertibles

By Marisa Wong

Madison, Wis., Dec. 20 - Ping An Insurance (Group) Co. of China, Ltd. said it plans to issue up to RMB 26 billion of A share convertible bonds in China.

The bonds will be issued at par with a maturity of six years.

The coupon will be no more than 3%.

Proceeds will be used to replenish the company's working capital.

The proposed bond issue is subject to shareholders' approval at a meeting on Feb. 8.

Ping An is a Shenzhen, China-based holding company whose subsidiaries specialize in insurance and financial services.

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