Refinancing plan approved

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 ($11.3 billion) worth of shares and 40 billion yuan ($5.6 billion) of convertible bonds.

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

Board chairman Ma Mingzhe told the meeting that the refinancing was intended "to replenish capital to keep up with the rapid development of the Chinese financial sector." He added that some of the proceeds would be used for government-approved investments outside Ping An's main business.