Shareholders in Ping An Insurance (2628), China's second-largest insurer, yesterday backed the company's plan to list additional stock in Hong Kong worth as much as 20 percent of the value of its existing shares listed here.
At a meeting on March 5 shareholders approved another proposal to sell as many as 1.2 billion new shares in Shanghai.
At the company's annual general meeting yesterday chairman Peter Man said the insurer had no timetable for the Shanghai sale, but last week the Shenzhen-based company said it would not apply for regulatory approval to list additional stock for at least six months.
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The company's Shanghai-listed shares have plunged 36 percent since the plan was disclosed on January 18.
Ping An will seek more overseas investments, president Louis Cheung told shareholders at the meeting.
"We have a lot of cash" to spend overseas, he said.
The insurer is replenishing its coffers after investing almost 4 billion euros (HK$48.4 billion) in Belgian- Dutch Fortis since November.
Ping An will put more money in bonds, but has no plan to reduce its equity investments, Cheung said.
The insurer aims for equities to make up between 15 percent and 20 percent of its portfolio. BLOOMBERG
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