PICC P&C verifies rumors about senior executives after stock swings

PICC Property and Casualty (2328) said on Tuesday it had noted unusual fluctuations in its Hong Kong-listed shares and was aware of market rumors regarding certain senior executives, which it is verifying.

The state-owned insurer, a core subsidiary of the People's Insurance Company of China (1339), said in a filing to the Hong Kong stock exchange that its operations remain normal and it strictly complies with laws and regulations.

"The company is currently verifying relevant situation," it said, referring to the rumors about executives.

It stated that, after a reasonable review, it was not aware of any reasons for the price and turnover volatility or any undisclosed inside information that must be revealed to avoid a false market.

The statement followed media reports citing sources that Yu Ze, vice president of parent PICC Group and president of PICC P&C, had been taken away for investigation by authorities.

On Monday shares of PICC Group tumbled nearly 6 percent in Hong Kong, while PICC P&C fell close to 4 percent. Both stocks rebounded on Tuesday, closing up more than 3 percent.