Ping An set for Shanghai listing

Insurer Ping An plans to raise as much as US$4.2 billion through the sale of 1.15 billion A-shares in a mainland IPO, the Wall Street Journal reported. The company announced that it would hold an extraordinary general meeting in November to seek shareholder approval for the plan to list in Shanghai. The proceeds of the A-share issue, which equates to 15.7% of the company's enlarged share capital, would be used to boost capital reserves. The offering would dwarf that of larger rival China Life, which is expected to raise US$2.7 billion through the sale of 1.5 billion A-shares. Both offerings are conditional on approval from the China Securities Regulatory Commission.