Shareholders approve Ping An's fundraising plan

Shareholders of Ping An Insurance voted in favor of the company’s plan to raise as much as US$17.1 billion through share and convertible bond sales in Hong Kong and Shanghai, the Wall Street Journal reported. Some funds invested in the the insurer had earlier hinted that they may block the plan, saying they didn’t see the need to raise so much money. Ping An did not scale back its fundraising plan, despite saying last week that it would "carefully weigh" its decision against urgings from the China Securities Regulatory Commission (CSRC) for companies not to hold large share sales. The plan is still pending CSRC approval.