China's second largest insurance company Ping An Insurance, which boasts three global investors in HSBC, Morgan Stanley and Goldman Sachs, is to see an almost 7% stake held by the Shenzhen City Finance Bureau transferred to a Hong Kong-listed company, Shenzhen Investment, according to press reports in China. Ping An Insurance is due to list in Hong Kong this year, although it's not clear whether it will keep to that schedule.
Observers say the share transfer is mysterious. It is not clear why Shenzhen Investment, a company with no affiliation to the insurance sector, would be interested in the shares nor is it clear how the company, with a net profit of...
