Ping An to be cornerstone investor in Minsheng Bank's IPO

Nov. 4, 2009 (China Knowledge) - Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer, has agreed to subscribe the Hong Kong initial public offering shares of China Minsheng Banking Corp Ltd<600016> as a cornerstone investor, said unnamed sources, leading Hong Kong newspaper Ming Pao reported today.

The newspaper also said that China Overseas Land & Investment Ltd<0688>, Zijin Mining Group Co<601899><2899> and unlisted grocery store-chain RT-Mart International are competing for a stake in Minsheng Bank, China's first privately owned lender.

Minsheng Bank on Monday started pre-marketing for its Hong Kong IPO. Media reported yesterday that the bank plans to introduce seven or eight cornerstone investors for the listing.

The lender is expected to be listed on the Hong Kong bourse on Nov. 26.

Ping An Insurance recently invested in the IPOs of Shenzhen-based property developer Excellence Real Estate<1028> and Chongqing-based real estate developer Longfor Properties<0960> as a cornerstone investor.