Home > Community > China Biz > Yunnan Baiyao places 500 mln A-shares to Ping An Life

Yunnan Baiyao places 500 mln A-shares to Ping An Life

Published: 07 Jan 2009 00:00:00 PST

Jan. 7, 2009 (China Knowledge) - Yunnan Baiyao Group Co Ltd<000538> has completed a private placement of 500 million A-shares to Ping An Life Insurance, a subsidiary of China's second biggest insurer Ping An Insurance (Group) Co of China Ltd<601318><2318>, sources reported.

The proceeds worth RMB 1.394 billion will be used to fund Yunnan Baiyao's integral moving as well as other projects.

The successful placement will enhance the company's anti-risk ability amid the global financial crisis as well as its market competiveness and capital operation capability, said Yin Pinyao, vice president and secretary of the board of Yunnan Baiyao.

Shares of Yunnan Baiyao went down 2.11% to close at RMB 33.4 on Tuesday.

Copyright © 2009 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today:

To access our page on Bloomberg, type CKFI