https://www.scmp.com/rss/34558/feed Ping An Insurance is a financial conglomerate with holdings in banking, asset management, healthcare and insurance. The company, which has roots in the property and casualty insurance sector in Shenzhen, is China's largest insurer by market capitalisation. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Yeon Woo Lee Yeon Woo Lee Global investors should take a fresh look at China, where rapid technological advancement is converging with declining geopolitical risk relative to other regions, senior investment executives said at the Milken Institute’s Global Investors’ Symposium on Monday. The event in Hong Kong brought together 500 business leaders and senior executives from the investment, banking, finance, technology and consumer sectors under the theme “Capital in a Changing World”. “I think we should seriously think... https://www.scmp.com/business/markets/article/3347593/global-investors-pivot-stability-china-amid-turmoil-milken-forum-speakers?utm_source=rss_feed https://www.scmp.com/business/markets/article/3347593/global-investors-pivot-stability-china-amid-turmoil-milken-forum-speakers?utm_source=rss_feed Mon, 23 Mar 2026 10:01:10 +0000 Daniel Ren Daniel Ren Chinese insurers underwriting electric vehicle (EV) policies have a better chance of turning a profit this year, supported by higher premiums, intelligent pricing mechanisms and improved claims-handling efficiency. A turnaround in mainland China’s EV insurance market, against the backdrop of a bearish outlook for the automotive sector, will accelerate the pace of electrification on the country’s roads, according to industry officials and analysts. “Heavy losses in the insurance business used to... https://www.scmp.com/business/china-business/article/3344267/chinas-ev-insurers-move-towards-profitability-higher-premiums-ai-adoption?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3344267/chinas-ev-insurers-move-towards-profitability-higher-premiums-ai-adoption?utm_source=rss_feed Mon, 23 Feb 2026 02:30:08 +0000 Themis Qi Themis Qi Banks do not usually build space assets, but in China, lenders are increasingly leasing satellites, funding rocket firms and even launching spacecraft of their own. While banks elsewhere typically use satellite imagery as a purchased “alternative data” feed – for everything from monitoring crops and supply chains to assessing climate and credit risks – Chinese lenders are going further by putting satellites into orbit under their own names. China Merchants Bank (CMB) launched a satellite on... https://www.scmp.com/business/banking-finance/article/3340771/chinese-banks-join-space-race-satellite-launches-and-rocket-backing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340771/chinese-banks-join-space-race-satellite-launches-and-rocket-backing?utm_source=rss_feed Thu, 22 Jan 2026 03:30:23 +0000 Yulu Ao Yulu Ao Mainland Chinese stocks rose on Thursday, recovering from earlier losses as investors digested the cautious but supportive policy signals from the central bank, with gains led by insurers and defensive names. The broad-based CSI 300 Index added 0.2 per cent to 4,642.54 by the close, after briefly trading lower in the session. The Shanghai Composite Index rose 0.5 per cent. Hong Kong’s market was closed on Thursday and Friday for the Christmas holiday. Among the notable gainers, electrical... https://www.scmp.com/business/china-business/article/3337678/china-shares-edge-lower-hopes-fade-near-term-stimulus-boost?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337678/china-shares-edge-lower-hopes-fade-near-term-stimulus-boost?utm_source=rss_feed Thu, 25 Dec 2025 02:53:40 +0000 Ann Cao Ann Cao Beijing has greenlit Biren Technology’s initial public offering (IPO) in Hong Kong, as more Chinese artificial intelligence chip designers rush to go public amid heightened investor interest in these stocks. Biren, which designs high-performance graphics processing units (GPUs), received regulatory approval to list on the Hong Kong stock exchange, according to a China Securities Regulatory Commission filing on Monday. This was expected to put the company on track to become the first GPU... https://www.scmp.com/tech/tech-trends/article/3336658/biren-technologys-hong-kong-ipo-gets-green-light-chinas-ai-chip-firms-rush-list?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3336658/biren-technologys-hong-kong-ipo-gets-green-light-chinas-ai-chip-firms-rush-list?utm_source=rss_feed Tue, 16 Dec 2025 11:01:33 +0000 Yulu Ao Yulu Ao Hong Kong stocks closed higher on Wednesday as investors bet on Beijing’s stimulus measures to shore up the property market and broader economy while waiting for clues on the US Federal Reserve’s policy path next year. The Hang Seng Index rose 0.3 per cent to 25,540.78 at the close of trading after falling as much as 0.7 per cent earlier in the session. The Hang Seng Tech Index rose 0.5 per cent. On the mainland, the CSI 300 Index fell 0.1 per cent and the Shanghai Composite Index slipped 0.2... https://www.scmp.com/business/china-business/article/3335827/hong-kong-stocks-extend-losses-wall-street-caution-weighs-sentiment?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3335827/hong-kong-stocks-extend-losses-wall-street-caution-weighs-sentiment?utm_source=rss_feed Wed, 10 Dec 2025 02:25:58 +0000 Zhang Shidong Zhang Shidong Chinese listed companies posted their fastest profit growth of the year in the third quarter, as a government-led drive to cut excess industrial output drove up margins and the nation’s tech self-reliance bolstered demand for semiconductors. The earnings of mainland China-listed companies rose 11.6 per cent from a year ago, compared with a 1.2 per cent increase in the second quarter and 3.2 per cent growth in the January-March period, according to China Merchants Securities. Technology companies... https://www.scmp.com/business/china-business/article/3331296/chinese-listed-companies-earnings-surge-capacity-cut-tech-self-sufficiency?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3331296/chinese-listed-companies-earnings-surge-capacity-cut-tech-self-sufficiency?utm_source=rss_feed Mon, 03 Nov 2025 07:00:09 +0000 Julie Zhang Julie Zhang The first-half profit of China’s most valuable insurance company missed analysts’ estimates, as one-off revaluations of investments eroded the increasing sales of life and health products by Ping An Insurance (Group). Interim net profit fell 8.8 per cent to 68.05 billion yuan (US$9.50 billion) from a year earlier, missing a 4.4 per cent increase that was expected by Bloomberg’s consensus estimate. The value of new business in Ping An’s life and health insurance divisions, a key measure of future... https://www.scmp.com/business/banking-finance/article/3323232/ping-interim-profit-misses-estimates-china-rate-cut-erodes-banks-investments?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3323232/ping-interim-profit-misses-estimates-china-rate-cut-erodes-banks-investments?utm_source=rss_feed Tue, 26 Aug 2025 12:38:42 +0000 Aileen Chuang Aileen Chuang Issuance of equity-linked debt, including convertible bonds, could hit a record high in Asia-Pacific this year, driven by Chinese firms seeking lower-cost funding and investors betting on market gains amid global volatility, according to bankers. So far this year, investors have shown a strong appetite for US$10 billion in convertible and exchangeable bond offerings by issuers from mainland China and Hong Kong, including Baidu, Ping An Insurance (Group) and Chow Tai Fook Jewellery Group – even... https://www.scmp.com/business/banking-finance/article/3315597/chinese-firms-drive-us13-billion-asia-pacific-boom-convertible-bonds?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3315597/chinese-firms-drive-us13-billion-asia-pacific-boom-convertible-bonds?utm_source=rss_feed Tue, 24 Jun 2025 05:01:48 +0000 Bloomberg Bloomberg Chow Tai Fook Jewellery Group is seeking HK$7.85 billion (US$1 billion) from the sale of one of Hong Kong’s biggest convertible bonds this year. The convertible bonds, denominated in Hong Kong dollars, will be due around the end of June 2030, and will carry a coupon of zero to 0.5 per cent payable semiannually, according to the terms of the deal seen by Bloomberg News. Proceeds will be used for the jewellery business and general working capital, according to the terms. Chow Tai Fook, which... https://www.scmp.com/business/banking-finance/article/3314638/chow-tai-fook-jewellery-plans-one-hong-kongs-biggest-bond-sales-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3314638/chow-tai-fook-jewellery-plans-one-hong-kongs-biggest-bond-sales-year?utm_source=rss_feed Mon, 16 Jun 2025 12:28:13 +0000 Julie Zhang Julie Zhang Ping An Insurance (Group), China’s largest insurer by market capitalisation, plans to raise HK$11.77 billion (US$1.5 billion) via convertible bonds to fund the growth of its core business and support its healthcare initiatives. The zero-coupon note due in 2030 is the biggest convertible bond denominated in US dollars or Hong Kong dollars by a Chinese company this year, according to Bloomberg data. It follows a US$690 million convertible senior note by video-sharing services provider Bilibili and... https://www.scmp.com/business/banking-finance/article/3312978/chinas-ping-raises-us15-billion-convertible-bonds-fund-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3312978/chinas-ping-raises-us15-billion-convertible-bonds-fund-growth?utm_source=rss_feed Wed, 04 Jun 2025 04:39:08 +0000 Zhang Shidong,Yulu Ao Zhang Shidong,Yulu Ao The pricing of Contemporary Amperex Technology’s (CATL) Hong Kong shares at the top end of the range bodes well for China’s leading companies eyeing a listing in the city, but the richly valued offer price may hurt the stock’s first-day performance due to its smaller-than-average discount to the company’s mainland-traded shares. The Ningde, Fujian province-based maker of lithium-ion batteries that power electric vehicles (EV) is expected to raise HK$35.66 billion (US$4.6 billion) from the sale... https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed Fri, 16 May 2025 04:30:08 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks lost ground on Thursday as investors geared up for earnings results from more bellwether companies and digested a mixed earnings card from Tencent Holdings. The Hang Seng Index fell 0.8 per cent to 23,453.16 at the close. The Hang Seng Tech Index dropped 1.6 per cent. On the mainland, the CSI 300 Index slid 0.9 per cent, and the Shanghai Composite Index retreated 0.7 per cent. Gold producer Zijin Mining Group slumped 2 per cent to HK$17.32 after spot bullion prices tumbled... https://www.scmp.com/business/china-business/article/3310393/hong-kong-stocks-inch-lower-traders-take-profits-china-us-trade-deal-boost?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3310393/hong-kong-stocks-inch-lower-traders-take-profits-china-us-trade-deal-boost?utm_source=rss_feed Thu, 15 May 2025 02:21:24 +0000 Enoch Yiu Enoch Yiu Ping An Insurance (Group), China’s largest insurer by market capitalisation, is exploring various strategies to expand its life insurance and retirement care businesses to complete its suite of products in Hong Kong, according to co-CEO Michael Guo Xiaotao. “Ping An has a wide range of businesses in Hong Kong, ranging from property and casualty insurance, asset management, securities and banking,” he said in an interview on Thursday. “Life insurance is the last missing piece of the puzzle.” The... https://www.scmp.com/business/markets/article/3303504/ping-eyes-life-insurance-expansion-hong-kong-retirement-services-ceo?utm_source=rss_feed https://www.scmp.com/business/markets/article/3303504/ping-eyes-life-insurance-expansion-hong-kong-retirement-services-ceo?utm_source=rss_feed Mon, 24 Mar 2025 00:30:11 +0000 Enoch Yiu Enoch Yiu BOC Life has unveiled a plan to offer insurance coverage for retirees in Hong Kong who plan to live in mainland China, saying the city’s silver-hair population represents a growing business opportunity. The firm, which is a local unit of China’s third-largest banking group Bank of China, will offer discounted policy packages for its existing 150,000-odd customers who intend to take up residency in 18 mainland cities, it said. They include nine cities in southern Guangdong province that are part... https://www.scmp.com/business/article/3288547/boc-life-offers-insurance-plans-hong-kong-clients-seeking-retire-mainland-cities?utm_source=rss_feed https://www.scmp.com/business/article/3288547/boc-life-offers-insurance-plans-hong-kong-clients-seeking-retire-mainland-cities?utm_source=rss_feed Thu, 28 Nov 2024 10:36:19 +0000 Enoch Yiu Enoch Yiu HSBC Holdings will reorganise its worldwide operations into four business units and two geographic areas, as one of the world’s largest banks creates a structure that makes Hong Kong – the H in HSBC – the “top strategic priority” in its global network of 62 markets. Effective January 1, the bank’s four business lines will be: Hong Kong, the UK, corporate and institutional banking, and wealth and premier banking. HSBC said it is pursuing the restructuring to achieve greater operational efficiency... https://www.scmp.com/business/article/3283340/hsbc-restructure-operations-four-business-units-bank-appoints-first-female-cfo?utm_source=rss_feed https://www.scmp.com/business/article/3283340/hsbc-restructure-operations-four-business-units-bank-appoints-first-female-cfo?utm_source=rss_feed Tue, 22 Oct 2024 05:35:26 +0000 Aileen Chuang Aileen Chuang HSBC Holdings emerged as the world’s largest dividend payer during the second quarter of this year, while growth in the Asia-Pacific region lagged behind the rest of the world during the period, according to asset manager Janus Henderson Investors’ latest global dividend index. The largest bank in Europe and Hong Kong topped the dividend-payout list with a total disbursement of US$11.7 billion for the June quarter, aided by a US$4 billion special dividend with proceeds from the sale of its... https://www.scmp.com/business/banking-finance/article/3278057/hsbc-tops-nestle-worlds-best-dividend-payer-while-china-mobile-leads-hong-kong-peers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278057/hsbc-tops-nestle-worlds-best-dividend-payer-while-china-mobile-leads-hong-kong-peers?utm_source=rss_feed Thu, 12 Sep 2024 01:46:13 +0000 Enoch Yiu Enoch Yiu Life insurance sales in Hong Kong surged by 12 per cent in the first half to a record high as a buying spree continued among mainland visitors and wealthy individuals in Hong Kong. A world record policy also helped. New life insurance sales rose to HK$115.9 billion (US$14.9 billion) from the HK$103 billion reported in the same period last year, which itself was a record, according to the Insurance Authority. The level is the highest since the authority was established in 2016 and 16 per cent... https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed Fri, 30 Aug 2024 07:46:14 +0000 Mia Castagnone,Enoch Yiu Mia Castagnone,Enoch Yiu Georges Elhedery, the incoming chief executive officer of HSBC, is scheduled to begin his new job on Monday in Hong Kong, a visit that underscores the significance of the city which still serves as the bank’s largest revenue source. Elhedery will spend a few days with his staff at the HSBC building in Central, visit key customers and Hong Kong’s financial regulators before returning to London at the end of next week, according to people familiar with his plans. . Elhedery takes over the reins... https://www.scmp.com/business/banking-finance/article/3276507/elhedery-start-his-first-day-global-ceo-hong-kong-showing-citys-value-hsbc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276507/elhedery-start-his-first-day-global-ceo-hong-kong-showing-citys-value-hsbc?utm_source=rss_feed Fri, 30 Aug 2024 03:37:21 +0000 Enoch Yiu Enoch Yiu Ping An Insurance (Group), mainland China’s largest insurer by market capitalisation, is planning to offer more products and services to capture growing opportunities among the increasing number of Hongkongers moving to other cities in the Greater Bay Area, according to a senior executive. “When people talk about Greater Bay Area cross-border opportunities, the first thing people always think about is mainland Chinese people going to Hong Kong to buy life insurance,” Michael Guo Xiaotao, co-CEO... https://www.scmp.com/business/china-business/article/3275806/ping-eyes-opportunities-more-hongkongers-retire-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3275806/ping-eyes-opportunities-more-hongkongers-retire-greater-bay-area?utm_source=rss_feed Sun, 25 Aug 2024 23:30:16 +0000 Enoch Yiu Enoch Yiu Ping An Insurance (Group), China’s largest insurer by market value, reported better than expected interim results, as the firm wrote more new policies, overcoming weaker returns from asset management and technology-related investments. The company said net profit rose 6.8 per cent to 74.62 billion yuan (US$10.5 billion) in the six months to June 30, its best half-yearly performance in four years, according to a stock exchange filing on Thursday. Analysts had expected a 12 per cent drop to 61.7... https://www.scmp.com/business/article/3275511/ping-insurance-surprises-market-profit-report-growth-life-general-policies?utm_source=rss_feed https://www.scmp.com/business/article/3275511/ping-insurance-surprises-market-profit-report-growth-life-general-policies?utm_source=rss_feed Thu, 22 Aug 2024 11:21:45 +0000 Jiaxing Li Jiaxing Li Ping An Insurance (Group), China’s largest insurer by market capitalisation, is turning to the convertible bond market to raise US$3.5 billion, joining a raft of Chinese companies tapping cheaper funding sources amid high interest rates. The bonds, due in 2029, have a coupon rate of 0.875 per cent per year, and the initial conversion price is HK$43.71 per share on the maturity date, according to a filing on Tuesday. That represents a 21.3 per cent premium over the closing price of HK$36.05 on... https://www.scmp.com/business/markets/article/3270587/chinas-top-insurer-ping-seeks-raise-us35-billion-convertible-bond-sale?utm_source=rss_feed https://www.scmp.com/business/markets/article/3270587/chinas-top-insurer-ping-seeks-raise-us35-billion-convertible-bond-sale?utm_source=rss_feed Tue, 16 Jul 2024 03:50:12 +0000 China’s largest insurer Ping An Insurance (Group) has sold HK$392 million (US$50 million) worth of its shares in London-based HSBC in an apparent tantrum days after reports that the bank’s largest shareholder voted against the reappointment of the lender’s departing CEO Noel Quinn as a director. Ping An sold 5,648,800 shares of HSBC, the largest of Hong Kong’s three currency-issuing banks, at an average price of HK$69.3074 on May 7, lowering its stake in the lender to 7.98 per cent from 8.01 per... https://www.scmp.com/business/banking-finance/article/3262257/chinas-ping-sells-hsbc-shares-us50-million-tantrum-after-reported-protest-vote-against-ceo-noel?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262257/chinas-ping-sells-hsbc-shares-us50-million-tantrum-after-reported-protest-vote-against-ceo-noel?utm_source=rss_feed Fri, 10 May 2024 13:40:24 +0000 Ping An Insurance (Group), China’s largest insurer by market capitalisation, is exploring ways to further expand operations in Hong Kong and the Greater Bay Area, its newly appointed co-CEO said. “Greater Bay Area, including Hong Kong, is going to be the centre of wealth creation,” said Michael Guo Xiaotao, 52, who was appointed co-CEO in January, replacing Jessica Tan Sin-yin, who retired. “It is the focus area for future growth, especially in the financial services industry. “After the... https://www.scmp.com/business/banking-finance/article/3256430/ping-chinas-largest-insurer-exploring-ways-expand-hong-kong-and-greater-bay-area-co-ceo-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3256430/ping-chinas-largest-insurer-exploring-ways-expand-hong-kong-and-greater-bay-area-co-ceo-says?utm_source=rss_feed Sun, 24 Mar 2024 03:30:12 +0000 Ping An Insurance (Group), China’s largest insurer by market capitalisation, said its earnings fell for 2023 to their lowest level in five years, as strong sales of new policies were offset by setbacks in its asset management and technology investment businesses. Its net profit fell 23 per cent year on year to 85.67 billion yuan (US$11.9 billion), according to a stock exchange filing made after the market closed in Hong Kong on Thursday. These are Ping An’s lowest earnings in five years,... https://www.scmp.com/business/china-business/article/3256261/chinese-insurance-giant-ping-ans-profit-falls-5-year-low-amid-weakness-asset-management-tech?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3256261/chinese-insurance-giant-ping-ans-profit-falls-5-year-low-amid-weakness-asset-management-tech?utm_source=rss_feed Thu, 21 Mar 2024 12:45:15 +0000 Major Chinese lender Ping An Bank has put 41 developers on a list of property firms eligible for its funding support, a shift towards more lending to a sector in crisis following government steps to staunch the pain. The bank decided to adjust criteria related to extending credit lines to meet builders’ reasonable funding demands, people familiar with the matter said, requesting anonymity discussing private matters. That mirrors a task that authorities set out in a major annual government... https://www.scmp.com/business/banking-finance/article/3248629/chinas-ping-bank-names-41-mainland-developers-funding-support-list?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3248629/chinas-ping-bank-names-41-mainland-developers-funding-support-list?utm_source=rss_feed Tue, 16 Jan 2024 08:46:17 +0000 Ping An Insurance (Group) has denied a Reuters report citing sources that Beijing has asked it to take over Country Garden Holdings and assume its mountain of debts. The nation’s biggest insurer also said it no longer held any stake in the distressed developer. “The company has never received any relevant proposals or requests from any relevant governmental authorities [or] agencies, and the company has no transaction plan or discussion in connection therewith,” it said in a Hong Kong stock... https://www.scmp.com/business/article/3240839/ping-denies-reports-it-will-take-over-beleaguered-country-garden-and-assume-developers-mountain?utm_source=rss_feed https://www.scmp.com/business/article/3240839/ping-denies-reports-it-will-take-over-beleaguered-country-garden-and-assume-developers-mountain?utm_source=rss_feed Wed, 08 Nov 2023 22:00:14 +0000 Ping An Insurance (Group) will focus on the medical and healthcare industry in China, hoping to turn its coverage for the ageing society into an engine of growth for the next decade while coping with a more volatile asset management business. “The elderly care and the healthcare ecosystem are the new focus for our company,” Jessica Tan Sin-yin, co-CEO of the nation’s biggest insurer, said in an interview. “China has an ageing population and a rising middle class. We want to provide services that... https://www.scmp.com/business/article/3233249/ping-insurance-focus-medical-healthcare-industry-growth-chinas-ageing-population-worsens-co-ceo-says?utm_source=rss_feed https://www.scmp.com/business/article/3233249/ping-insurance-focus-medical-healthcare-industry-growth-chinas-ageing-population-worsens-co-ceo-says?utm_source=rss_feed Mon, 04 Sep 2023 00:00:16 +0000 Ping An Insurance (Group), China’s largest insurer by market capitalisation, reported a 1.2 per cent decline in first-half profit, as strong sales of new insurance policies were offset by a sharp fall in its asset management and technology businesses. The insurer reported an interim net profit of 69.84 billion yuan (US$9.58 billion), down by 1.2 per cent on the year. Ping An adopted new accounting standards for its insurance business this year, and adjusted the figure from a year ago for... https://www.scmp.com/business/companies/article/3232719/ping-ans-first-half-profit-falls-1-strong-new-policy-sales-offset-falling-asset-management-tech?utm_source=rss_feed https://www.scmp.com/business/companies/article/3232719/ping-ans-first-half-profit-falls-1-strong-new-policy-sales-offset-falling-asset-management-tech?utm_source=rss_feed Tue, 29 Aug 2023 11:09:29 +0000 HSBC, the biggest of Hong Kong’s currency-issuing banks, reported a better-than-expected profit for the second quarter, driven by gains in its commercial and retail banking businesses as it benefited from the rising interest rate environment. The London-based bank, which generates much of its profit in Asia, reported a 12 per cent increase in net profit to US$6.64 billion in the three months ended June 30, from a profit of US$5.49 billion a year earlier. The lender, one of Europe’s largest by... https://www.scmp.com/business/banking-finance/article/3229577/hsbcs-second-quarter-profit-beats-estimates-it-benefited-higher-interest-rates-cost-control?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3229577/hsbcs-second-quarter-profit-beats-estimates-it-benefited-higher-interest-rates-cost-control?utm_source=rss_feed Tue, 01 Aug 2023 04:22:05 +0000 Ping An OneConnect Bank, the Hong Kong virtual lender indirectly owned by mainland Chinese insurer Ping An Insurance, plans to increase lending to small and medium-sized enterprises (SMEs) in the retail sector to capture growth opportunities in the post-Covid-19 era, its CEO said. “After the border between Hong Kong and mainland China reopened in January, the number of visitors to Hong Kong has multiplied,” Ping An OneConnect’s Micheal Fei Yiming said in a media briefing on Tuesday. “The... https://www.scmp.com/business/banking-finance/article/3223178/hong-kong-virtual-bank-ping-oneconnect-expand-lending-retail-smes-capture-post-covid-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223178/hong-kong-virtual-bank-ping-oneconnect-expand-lending-retail-smes-capture-post-covid-growth?utm_source=rss_feed Wed, 07 Jun 2023 00:00:26 +0000 For much of the past year, HSBC, the largest of Hong Kong’s three currency-issuing banks, has faced pressure from its biggest shareholder, Ping An Insurance Group, and a vocal contingent of frustrated retail investors in the city to break up the bank. The London-based bank’s management argued that its core strategy centred around its international network, driven by its strength in growth markets in Asia, and said a spin-off of the Asian business suggested by some shareholders would be too... https://www.scmp.com/business/banking-finance/article/3222690/what-next-hsbc-after-preventing-ping-carving-hong-kongs-largest-bank-quelling-shareholder-revolt?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222690/what-next-hsbc-after-preventing-ping-carving-hong-kongs-largest-bank-quelling-shareholder-revolt?utm_source=rss_feed Fri, 02 Jun 2023 22:00:13 +0000 HSBC shareholders on Friday rejected a proposal by frustrated minority investors to increase the bank’s dividend payouts and radically change its structure in a major affirmation of the lender’s strategy under chief executive Noel Quinn. The critical shareholder vote followed a year-long campaign by Ping An Insurance Group, the bank’s biggest shareholder, to shake up the lender and ongoing frustration by some of its Hong Kong retail investors over the cancellation of its dividend three years ago... https://www.scmp.com/business/banking-finance/article/3219577/hsbc-investors-reject-minority-shareholders-proposal-spin-asia-business-raise-dividend-payouts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219577/hsbc-investors-reject-minority-shareholders-proposal-spin-asia-business-raise-dividend-payouts?utm_source=rss_feed Fri, 05 May 2023 12:58:51 +0000 HSBC, the biggest of Hong Kong’s three currency-issuing banks, reported a better-than-expected profit in the first quarter as it seeks to fend off renewed pressure from some shareholders to split up the bank. The bank, one of Europe’s largest by assets, said its net profit rose to US$10.3 billion for the three months ended March 31, from US$2.8 billion in the same period a year earlier. On a pre-tax basis, HSBC reported a profit of US$12.9 billion, ahead of the US$8.6 billion expected by... https://www.scmp.com/business/banking-finance/article/3219096/hsbc-posts-better-expected-first-quarter-result-amid-pressure-split?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219096/hsbc-posts-better-expected-first-quarter-result-amid-pressure-split?utm_source=rss_feed Tue, 02 May 2023 04:25:41 +0000 Ping An Insurance Group hit back at HSBC again on Friday in the latest tit-for-tat between the companies over its push to separately list the bank’s Asian operations in Hong Kong. The asset management arm of China’s biggest insurer called for HSBC earlier this week to sell a minority stake in the bank’s Asian arm through a listing on the Hong Kong stock exchange, with HSBC remaining the unit’s majority owner similar to the lender’s 62.14 per cent ownership of Hang Seng Bank. On Friday, Michael... https://www.scmp.com/business/banking-finance/article/3217940/ping-continues-war-words-hsbc-over-proposed-asian-arm-listing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217940/ping-continues-war-words-hsbc-over-proposed-asian-arm-listing?utm_source=rss_feed Fri, 21 Apr 2023 14:25:59 +0000 HSBC said a spin-off of its Asian operations through a Hong Kong listing would result in a “material loss of value” for investors as the bank refuted claims by Ping An Insurance Group that it had exaggerated the costs and risks of doing so. Structural reforms suggested by its biggest shareholder, including a minority listing of HSBC’s Asia-Pacific arm in Hong Kong, would “significantly dilute the international business model” that underlies the bank’s strategy, the London-based lender... https://www.scmp.com/business/banking-finance/article/3217650/hsbc-pushes-back-ping-ans-claims-spin-asian-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217650/hsbc-pushes-back-ping-ans-claims-spin-asian-business?utm_source=rss_feed Wed, 19 Apr 2023 18:00:16 +0000 Ping An Insurance Group, HSBC’s biggest shareholder, has called for HSBC to separately list its Asian arm in Hong Kong as it continues to push the London-based lender to make structural changes to enhance its value. On Tuesday, the insurer’s asset management arm – which holds its HSBC investment – said it favours a separate listing of the Asian business with HSBC remaining as the majority shareholder, similar to its 62.14 per cent ownership of Hang Seng Bank. “We believe the new HSBC Asia, after... https://www.scmp.com/business/banking-finance/article/3217495/ping-calls-hsbc-separately-list-asian-arm-hong-kong-it-continues-push-restructuring?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217495/ping-calls-hsbc-separately-list-asian-arm-hong-kong-it-continues-push-restructuring?utm_source=rss_feed Tue, 18 Apr 2023 13:05:32 +0000 HSBC’s sale of its French retail business to Cerberus Capital Management-backed My Money Group is in jeopardy as a sharp rise in interest rates in France has made completing the deal “less certain”, the bank said on Friday. The unexpected rise in interest rates since the deal was agreed in June 2021 has “significantly increased” the capital requirements for the buyers at closing, the London-based lender said. “The purchaser group has advised us that they consider that they will be unable to... https://www.scmp.com/business/banking-finance/article/3217143/hsbcs-sale-french-retail-business-my-money-group-jeopardy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217143/hsbcs-sale-french-retail-business-my-money-group-jeopardy?utm_source=rss_feed Fri, 14 Apr 2023 15:11:16 +0000 HSBC’s directors have recommended that investors vote against proposals by a group of frustrated minority shareholders to increase its dividend payouts and consider radical structural restructuring to enhance the bank’s value, such as spinning off its Asian operations. The proposals, submitted by Ken Lui Yu-kin, the leader of the “Spin Off HSBC Asia Concern Group”, earlier this month, are among 18 resolutions to be voted on at the bank’s May 5 annual general meeting in Birmingham, England. “A... https://www.scmp.com/business/banking-finance/article/3214764/hsbc-tells-investors-reject-proposals-unhappy-minority-shareholders-dividends-restructuring?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214764/hsbc-tells-investors-reject-proposals-unhappy-minority-shareholders-dividends-restructuring?utm_source=rss_feed Fri, 24 Mar 2023 12:00:08 +0000 Ping An Insurance (Group), China’s largest insurer, has increased its investments in rental income property while cutting exposure to developers after taking a massive hit on China Fortune Land Development. Of the insurer’s 4.37 trillion yuan (US$633.9 billion) investment portfolio, real estate now accounts for 4.7 per cent, or 205.4 billion yuan, with 60 per cent invested in physical buildings, an increase of 10 percentage points from two years ago. The rest is in equities or bonds issued by... https://www.scmp.com/business/banking-finance/article/3213697/ping-adds-property-assets-investment-portfolio-steers-clear-developers-after-painful-china-fortune?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213697/ping-adds-property-assets-investment-portfolio-steers-clear-developers-after-painful-china-fortune?utm_source=rss_feed Thu, 16 Mar 2023 03:15:46 +0000 A unit of China’s Ping An Group has confirmed it is the insurer providing cover for the under-construction Kimpton Hotel in Hong Kong that was engulfed by a fire last week. Replying to an inquiry from the Post, Ping An Property & Casualty said it had reinsurance arrangements in place that reduce its exposure to only about a quarter of what is expected to be one of the biggest property-related damage claims the city has ever seen. The Kimpton Hotel is insured for a total of HK$2.63 billion... https://www.scmp.com/business/banking-finance/article/3212544/hong-kong-hotel-fire-reinsurance-leaves-chinas-ping-only-23-cent-exposed-possible-us64-million?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212544/hong-kong-hotel-fire-reinsurance-leaves-chinas-ping-only-23-cent-exposed-possible-us64-million?utm_source=rss_feed Mon, 06 Mar 2023 12:30:15 +0000 Hong Kong is poised for what could be the city’s largest-ever property-related insurance payout in a single case, after a four-alarm fire engulfed the Empire Group’s under-construction Kimpton Hotel in Tsim Sha Tsui on Thursday. The claim could run from HK$200 million (US$25 million) to as much as HK$500 million because the 42-storey hotel was 90 per cent built, which entitles it to a high level of compensation, said Chan Kin-por, who represents the insurance industry in Hong Kong’s... https://www.scmp.com/business/article/3212293/hong-kong-hotel-blaze-could-lead-citys-largest-ever-insurance-payout-us64-million-industry-expert?utm_source=rss_feed https://www.scmp.com/business/article/3212293/hong-kong-hotel-blaze-could-lead-citys-largest-ever-insurance-payout-us64-million-industry-expert?utm_source=rss_feed Fri, 03 Mar 2023 12:01:08 +0000 A minority shareholder of HSBC claims he has rallied 100 fellow small investors in Hong Kong to support resolutions requiring the bank to regularly update shareholders on restructuring plans for its Asian operations and increase its dividend payouts. Ken Lui Yu-kin, the leader of the “Spin Off HSBC Asia Concern Group”, said he has submitted two resolutions to the London-based bank and asked that shareholders be allowed to vote on them at the bank’s May 3 annual general meeting. “Those 100... https://www.scmp.com/business/banking-finance/article/3212138/minority-hsbc-shareholder-group-seeks-vote-dividends-asia-restructuring-reporting?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212138/minority-hsbc-shareholder-group-seeks-vote-dividends-asia-restructuring-reporting?utm_source=rss_feed Thu, 02 Mar 2023 13:30:44 +0000 Four major Hong Kong insurers including the local units of Ping An Insurance (Group) and China Taiping Insurance plan to introduce a new “one-stop” motor insurance policy covering the city and Greater Bay Area as they expect cross-border traffic to surge under a forthcoming travel scheme. Zurich Insurance and Asia Insurance are also preparing to introduce tailor-made policies for the “quota-free scheme” for motorists travelling to southern Guangdong province via the Hong Kong-Zhuhai-Macau... https://www.scmp.com/business/china-business/article/3211800/driving-greater-bay-area-ping-taiping-poised-offer-one-policy-motor-insurance-coverage-hong-kong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3211800/driving-greater-bay-area-ping-taiping-poised-offer-one-policy-motor-insurance-coverage-hong-kong?utm_source=rss_feed Tue, 28 Feb 2023 06:02:23 +0000 The financial unit of Peking University Founder Group (PUFG), the business arm of one China’s most prestigious colleges, has received the go-ahead from the country’s banking and insurance regulator to enter bankruptcy proceedings. The China Banking and Insurance Regulatory Commission (CBIRC) has given preliminary approval for Peking University Founder Group Finance to enter the bankruptcy process, according to a statement posted on the regulator’s website on Tuesday. Founder Group Finance, which... https://www.scmp.com/business/banking-finance/article/3211017/china-allows-peking-university-founder-groups-finance-unit-enter-bankruptcy-process?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3211017/china-allows-peking-university-founder-groups-finance-unit-enter-bankruptcy-process?utm_source=rss_feed Tue, 21 Feb 2023 13:27:22 +0000 Shan Weijian recalled China’s golden era of economic reforms from 2000 to 2010, and the eye-watering growth evident in this period. In 2005, he led the only foreign takeover of a Chinese bank to date, and had to navigate the twists and turns of a country that was eager to change, but only wanted foreign capital that would come in on friendly terms. Shan was the co-managing partner of San Francisco-based private-equity firm Newbridge Capital when it took over a controlling stake in Shenzhen... https://www.scmp.com/business/banking-finance/article/3208605/maos-former-barefoot-doctor-recalls-sole-foreign-takeover-chinese-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3208605/maos-former-barefoot-doctor-recalls-sole-foreign-takeover-chinese-bank?utm_source=rss_feed Tue, 31 Jan 2023 14:30:08 +0000 After a tumultuous 2022 that saw its biggest shareholder call for the bank to be broken up, HSBC could be primed for a positive new year as rising interest rates allow it and other global banks to better navigate what is expected to be a challenging macroeconomic environment. Analysts are forecasting the London-based bank will report a 7 per cent increase in profit for 2022 to US$13.5 billion and a 42 per cent surge in profit to US$19.2 billion in 2023, according to the latest consensus estimate... https://www.scmp.com/business/banking-finance/article/3204056/rising-interest-rates-could-fuel-results-hsbc-global-banks-amid-uncertain-economic-outlook?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3204056/rising-interest-rates-could-fuel-results-hsbc-global-banks-amid-uncertain-economic-outlook?utm_source=rss_feed Mon, 02 Jan 2023 23:30:07 +0000 Ping An Insurance Group, HSBC’s biggest shareholder, has called for the bank to be “much more aggressive” in its cost-cutting, and questioned whether the lender’s global finance model is appropriate for today’s financial and geopolitical risks, as it pushes the lender to spin off its Asian business. In a statement on Friday, Michael Huang, chairman of Ping An Asset Management, said HSBC management should “adopt an open attitude” regarding suggestions to improve its performance, rather than... https://www.scmp.com/business/banking-finance/article/3198529/ping-calls-hsbc-be-more-aggressive-cost-cutting-be-open-moves-improve-performance?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3198529/ping-calls-hsbc-be-more-aggressive-cost-cutting-be-open-moves-improve-performance?utm_source=rss_feed Fri, 04 Nov 2022 15:45:10 +0000 In another pivotal week for markets, investors will look to the impending report cards from HSBC, Standard Chartered and their peers for direction. Is the banking industry profiting from wider interest margins, or are economic pressures on consumers and businesses translating into more bad loans? HSBC, the largest of Hong Kong’s three currency-issuing banks, is expected to post a 55 per cent drop in pre-tax profit to US$2.54 billion in the third quarter from a year earlier, based on consensus... https://www.scmp.com/business/banking-finance/article/3196798/hsbc-standard-chartered-kick-start-third-quarter-bank-reporting-eyes-margins-loan-losses-amid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3196798/hsbc-standard-chartered-kick-start-third-quarter-bank-reporting-eyes-margins-loan-losses-amid?utm_source=rss_feed Sun, 23 Oct 2022 22:30:23 +0000 Chinese insurers were among the worst performers in a global study examining the industry’s progress in phasing out support for fossil fuel. Ping An Insurance, China’s largest insurer, ranked 22nd among 30 companies, while People’s Insurance Company of China (PICC) and China Export & Credit Insurance Corp rounded off the bottom of the table. The report published by Insure Our Future, a global NGO coalition, focuses on the 30 most important insurers in the power sector worldwide, ranking them... https://www.scmp.com/business/banking-finance/article/3196362/chinese-insurers-rank-bottom-industrys-progress-phasing-out-support-fossil-fuel?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3196362/chinese-insurers-rank-bottom-industrys-progress-phasing-out-support-fossil-fuel?utm_source=rss_feed Tue, 18 Oct 2022 23:30:11 +0000