Ping An to resume fund-raising efforts as markets improve

A key shareholder of Ping An Insurance, China’s second-largest insurer, told the South China Morning Post that the firm is preparing to apply for regulatory approval for a large-scale fund-raising plan including new offerings of A-shares and bonds with warrants. The shareholder, who was not named, cited improved market conditions as the primary motivation for the firm’s plans to resume its fund-raising efforts. In January, Ping An announced a similar US$22 billion fund-raising plan, prompting a large sell-off on weak investor confidence. People familar with the situation doubt that a new fund-raising campaign will reach the amount originally planned. The Shanghai Composite Index gained 6.35% last month, its first monthly gain of the year, as regulators cut the stamp duty to 0.1%.