Lots of commotion as insurance companies feel the pressure
Chinese insurance shares were walloped yesterday with Ping An falling 3.7 per cent and China Life 11.6 per cent. They were the top two stocks in terms of turnover with trades in Ping An totalling HK$8.5billion and China Life at HK$3.8 billion.
Further pressure on the sector came from a large block deal in Ping An worth nearly HK$1 billion that was executed at Tuesday's close, according to Reuters. In addition it reported that a trader at a large Asian brokerage said 120 million shares of Ping An, representing 3.8 per cent of the company's listed shares, were sold at HK$64.85 each.
A widespread rumour in the market was that Anthony Bolton's Fidelity China Special Situations fund had sold its stake in Ping An. The insurer accounted for 4.1 per cent of the fund, according to Morningstar. He has also been rumoured to have sold down other holdings in the gaming, banking and tech sectors. Bolton has had a tough year since moving to Hong Kong early last year. The price of his fund was up 20 per cent after the first few months but is now about 20 per cent below its initial offer price. Perhaps he's clearing the decks for another go at those 'special situations'.
What is happiness?
IQ2 continues its quest to extend knowledge through contest with a debate that is particularly apt for Hong Kong: 'Money Can't Buy Happiness'.
What is the purpose of the single-minded pursuit of money that is so evident in Hong Kong? The English philosopher Thomas Hobbes, writing in the 17th century, famously opined that life was 'solitary, poor, nasty, brutish and short'. So if you accept that view, then presumably money can help take the edge off the brutishness of everyday life.