The stock dropped 5.54 percent, or HK$1, closing at a one-month low Friday of HK$17.05, after it announced new senior appointments to head its insurance and banking divisions. Still, the stock has gained nearly 30 percent over the past three months.

The Shenzhen-based insurer said late Thursday it appointed Richard Jackson, a former Citigroup banker, to head its financial business and its banking unit. It also appointed Dominic Leung to head its insurance business.

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"Our objective in promoting these individuals is to establish a clearer business management framework for the group," Ping An executive vice president Sun Jianyi said.

Sun said the new appointments and continued business integration will help streamline Ping An's business structure and help pave the way towards becoming a global financial conglomerate.

But analysts said the move isn't welcomed by investors, who aren't keen in investing in financial conglomerates.

"If we want to invest in banks, why don't we directly buy banking stocks," UBS analyst Sally Ng said.

Ng said she hopes Ping An will focus on its core business rather than transforming into a financial conglomerate.

Ping An's aim to expand in the banking industry has also been reflected in its joint bid with ABN Amro for a stake in Guangdong Development Bank.

Other bidders include Citigroup and Societe Generale.

Guangdong Development Bank, which held 345 billion yuan (HK$333 billion) in assets in 2004, could be the first mainland lender to sell a majority stake to foreign investors, with some market watchers expecting it to sell as much as an 85 percent stake.

Ping An, in which HSBC Holdings owns 20 percent, said that Jackson will be responsible for the planning and development of banking strategies, as well as the daily management of operations at Ping An Bank. Prior to joining Ping An last October, Jackson worked for Citigroup's banking operation in Hungary and Korea, it said.

Leung, who joined Ping An in 2004, will be in charge of property and casualty, life, annuity, health and other insurance-related business.