Types Of Bankruptcy

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January 20th, 2008

Chinese Insurer Ping an to Raise $22B

“I have no information on this issue”

A major Chinese insurer has announced plans to raise up to $22 billion (euro15.0 billion) for acquisitions at a time when U.S. and European banks, battered by mortgage losses, want infusions of Asian capital to replenish their balance sheets.

Ping An Insurance Co.’s plan comes amid a boom in China’s financial markets. Its size would rival China’s biggest initial public offering to date, which raised $21.9 billion in October 2006 for Industrial & Commercial Bank of China.

Ping An will raise the money by selling new shares and bonds on Chinese markets, the company said on its Web site in a statement dated Friday. The company raised 39 billion yuan ($5 billion) in an IPO last February on Chinese markets. Read more



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