JPMorgan cuts stake in Ping An Insurance
Published: 25 Jun 2009 23:28:11 PSTJun. 26, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co has reduced its H-share holding in Ping An Insurance (Group) Co<601318><2318> to 5.96% from the 6.1% it held earlier, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx)<0388>. Information from HKEx showed that the U.S. company on Jun. 22 sold around 3.43 million H-shares of Ping An Insurance, China's second-largest insurer, for HK$182 million. The average share price of the transaction was HK$52.99 per share. On Jun. 19, JPMorgan disposed of 1.72 million H-shares of China Life Insurance Co Ltd<601628><2628><LFC>, the country's largest insurer, for HK$48.92 million or HK$28.4 apiece. The deal cut its H-share holding in China Life to 7.99% from the previous 8.02%. Copyright © 2009 www.chinaknowledge.com |
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