Others News
- Ping An gets license for overseas assets management business
Date: 9-Mar-2007 Sources: (Xinhua Online)
China Ping An Asset Management (Hong Kong) Ltd. has been granted a license by the Hong Kong Securities and Futures Commission to carry out assets management business in this special administrative region of China, company sources said on Thursday.
The company is a subsidiary of Ping An Insurance (Group) Company of China, Ltd.
The news boosted the parent company's share price (China Ping An, 601318) to 46.48 yuan (about 6 U.S. dollars) on Thursday, up 2.72 percent.
The assets management company has been authorized by HKSFC to manage portfolio investments -- shares, bonds, funds etc. -- for all subsidiaries and branches of China Ping An, both at home and abroad, the sources said.
Industry insiders say the license will allow China Ping An -- which is a qualified domestic institutional investor (QDII) -- to provide foreign-currency-denominated offshore investment services.
China started its QDII system in April 2006. The system gives domestic investors, whose Renminbi is not yet convertible, a channel to invest in overseas financial markets.
China Ping An is the nation's second largest insurance company in terms of premiums. Its gross assets stood at 332.9 billion yuan(43.2 billion U.S. dollars) by Sept. 30, 2006.
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