Ping An Insurance Group has received regulatory approval to issue up to Rmb26 billion $4.2 billion of domestic convertible bonds, according to an announcement on the Hong Kong stock exchange website on Thursday evening.
The company, listed both in Hong Kong and Shanghai, first announced plans for the CB in December 2011 so it has been a long wait. However, the timing of the approval is a bit surprising as observers hadn’t expected the insurer to get the go-ahead from regulators until after Sinopec had issued its planned domestic CB of up to Rmb30 billion.
Sinopec, which is officially known as China Petroleum Chemical Corp, received approval...
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