Ping An Insurance (Group) Co's senior managers will buy new offerings of the insurer if its behemoth funding plan gets the greenlight, Ma Mingzhe, chairman of the insurer said.
"The senior management team will for sure buy shares in the follow-on offering as long as it is not against any related laws and regulations,'' said Ma. "Some Ping An staff also showed interest in buying the new offerings if it is approved.''
The second biggest insurer in China is holding shareholders meetings in Shenzhen. The plan to sell up to 1.2 billion new yuan-backed A shares, or 14 percent of its expanded capital, plus 41.2 billion yuan of six-year convertible bonds with detachable warrants is a hot issue in today's meeting.
Ping An needs the go-ahead from at least two-thirds of its shareholders to carry out the plan.
Ping An has a total of 4.79 billion yuan-backed A shares. The board, which represents 2.32 billion shares, already said they approved the plan, leaving the senior managers to gain support from at least another 870 million shares.
"The company needs to quicken its development in a fast changing finance market in China. The funding plan is for the nine subsidiaries under the group,'' said Ma Mingzhe, chairman of Ping An.
Some business Websites like www.hexun.com even posted the development of the shareholders meeting on line, a rare move, if not the only one.
The Shenzhen-based insurer wooed shareholders and others investors as the funding plan would cast on the board market, according to on-site reports.
Its meeting room was filled with shareholders, investors and reporters who gathered in Shenzhen to know the results as soon as possible of the funding plan.
