Ping An to raise $20bn in share, bond sale

Ping An Insurance announced plans to raise over US$20 billion through a sale of shares and convertible bonds, China Business Net reported (in Chinese). Ping An will issue up to 1.2 billion additional A-shares and US$5.7 billion convertible bonds. The insurer plans to use the funds it raises as working capital and to invest in several government-approved projects, likely including the Beijing-Shanghai High-speed Railway. Ping An closed at RMB98.12 (US$13.54) on the A-share market on Friday after dropping for five consecutive days.