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Shanghai IPO for Financial Services Pioneer Ping An.

SHENZHEN, China -- Ping An Insurance (Group) Company of China Ltd. (Ping An; HKSE: 2318) announced that the Chinese Securities Regulatory Commission (CSRC) will meet on January 30 to consider its prospectus for an Initial Public Offering (IPO) of A shares on the Shanghai Stock Exchange. Ping An's listing prospectus has been published on the CSRC web site.

Ping An will become one of China's prominent financial institutions to list A shares on the Shanghai stock exchange, following its successful listing three years ago on the Hong Kong Stock Exchange. Funds raised from the flotation of up to 1.15 billion shares will be used to increase capital and cover other authorized expenses.

The Company:

Ping An is an integrated financial services company with insurance as its core business. Over the past twenty years, Ping An has grown from a small local property insurance business to China's leading financial services group with a national network. In addition to its core insurance services, it offers banking, securities, trust, and other financial services. In terms of premiums, Ping An Life is China's second largest life insurance company and third largest property and casualty insurance company.

Ping An has won numerous industry and government awards for the quality of its management and corporate governance, including the best managed insurance company in Asia in 2006 by the respected financial publication Euromoney. It is one of the best known brands in the Chinese insurance agency, and has pioneered the adoption of international best practice in insurance and other businesses.

Ping An is committed to a culture of innovation and motivation as the foundation of its market leadership. Its core values are based on global principles and local access. It was one of the first Chinese financial companies with international shareholders, starting in the mid-1990s with Goldman Sachs and Morgan Stanley, and has been a pioneer in introducing international best practices in the insurance sector. Ping An was among the first Chinese companies to internationalize its human resources, and recruits globally in order to be able to provide its customers and shareholders with superior value. It was first to establish a back-office management platform to professionalize asset management and investment.

Ping An has a diversified shareholder base, sophisticated management structure and internal controls, and a management team with international credentials. It has a high-performance track record based on its sales network, customer base, business platform, cutting edge information systems, and asset management capabilities. These have contributed to a sustained and robust performance over nearly two decades. Based on Chinese GAAP principles, between 2003 and 2005, Ping An's net profit rose an average of 25.92% per year. Ping An's management believes it is well within its capabilities to maintain profit growth at comparable levels in the coming years. Through its IPO in the A share market, management will offer domestic investors a chance to participate in its growth going forward. Ping An will continue to focus on its strategies of financial integration, urban-rural segmentation, internationalization, and centralized back office systems.

About Ping An Insurance (Group) Company of China, Ltd.

Ping An is a diversified financial holding group founded in 1988. It is headquartered in Shenzhen, Guangdong Province. It offers integrated securities, trust and banking services around its core business in insurance. Ping An is a listed company on the main board of the Hong Kong Stock Exchange under the name "Ping An of China" and stock code "2318".

Over the last 18 years, Ping An has become one of China's best-known financial industry brands domestically and internationally. The Group has an extensive domestic customer base and is one of the few Chinese financial institutions to offer integrated services.
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Publication:Business Wire
Date:Jan 26, 2007
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