Ping An puts off share sale plan

Ping An Insurance, China’s second-largest life insurer, has shelved plans for a large share sale in Shanghai, the Wall Street Journal reported. The company said the plan to sell up to 1.2 billion new yuan-denominated shares would not be carried out within the next six months due to market volatility. "After due consideration, the company is of the view that … the timing and condition for making the application in relation to the refinancing plan is not yet mature," the company said in a statement. Earlier this week the South China Morning Post reported that Ping An was preparing to apply for approval for the fund-raising plan, citing an unnamed shareholder. The share sale had the potential to be one of the largest in China to date, and was at one point valued at US$22 billion.