Ping An Insurance gets OK to sell RMB 26 billion A share convertibles

By Marisa Wong

Madison, Wis., May 29 - Ping An Insurance (Group) Co. of China, Ltd. said it received approval from the China Insurance Regulatory Commission to issue up to RMB 26 billion of A share convertible bonds in China.

The approval is valid for six months.

As previously announced, the bonds will be issued at par with a maturity of six years and a coupon of no more than 3%.

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

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

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