(Xinhua)
Updated: 2008-03-05 21:42

BEIJING -- Ping An, the leading insurance company in China, won shareholder approval for a revised, smaller refinancing plan, which would involve issuing about 80 billion yuan (about 11.3 billion US dollars) worth of shares and 40 billion yuan of convertible bonds.

The plan was 40 billion yuan less than the original refinancing plan announced by Ping An on January 21.

More than 90 percent of its mainland and more than 97 percent of its Hong Kong shareholders voted for the plan, the company announced.

The plan would be sent to the China Securities Regulatory Commission and the Stock Exchange of Hong Kong for approval.

The move, if it wins final regulatory approval, would not mean a slump in the company's share price, since the shares had already fallen steeply in reaction to the original plan, said Li Feng, a senior analyst at China Galaxy Securities.

"But it is a substantial move, even compared with the capital raised last year in the stock market, which was more than 700 billion yuan. The issue would add pressure to the Chinese stock market." he said.