Ping An shares fall on share unlocking announcement

Shares in Ping An Insurance fell sharply in Shenzhen on Tuesday following the company’s announcement that a previously non-tradable block of shares would be unlocked next week, the South China Morning Post reported. Ping An said that 859.8 million A-shares held by three strategic investors, representing 11.7% of its stock, would become tradable on March 1. Ping An shares closed down 8.9% at RMB44.72 (US$6.55) after earlier falling by the 10% daily limit; the new shares are worth more than US$5.5 billion based on that closing price. The company’s shares fell 2% in Hong Kong to close at HK$59.70 (US$7.69).