HONG KONG (Reuters) - Ping An Insurance (Group) Co. Ltd. (2318.HK: Quote, Profile, Research), China's second-largest life insurer, plans to sell up to 1.15 billion A-shares worth an estimated US$4 billion (2.17 billion pounds) to replenish its capital.

The insurer said on Wednesday that, subject to shareholders' approval, it would apply to Chinese authorities to issue the yuan denominated A-shares to be listed on the Shanghai stock exchange.

Based on the price of Ping An's Hong Kong-listed H-shares, which closed at HK$27.80 on Tuesday, the issue would be worth around HK$32 billion (US$4.11 billion).

The company, in which HSBC Holdings Plc (0005.HK: Quote, Profile, Research) holds 19.9 percent, said it would issue an announcement as soon as possible on proposed benchmarks to be adopted as the basis for determining the issue price.

Industrial & Commercial Bank of China (ICBC.UL: Quote, Profile, Research), which is launching a US$21 billion simultaneous Hong Kong-Shanghai listing next month, plans to value its A-shares and H-shares at the same currency-rate adjusted price.

Earlier this month, Ping An won government approval to invest 10 billion yuan ($1.26 billion) to build a railway between the southern Chinese city of Guangzhou and Wuhan in central China.

The company, as well as three other Chinese insurers, were given credentials to invest in infrastructure projects, as part of Beijing's efforts to broaden their investment options.

Ping An said the issue would establish a new financing platform for the company and enable it to enhance its operations and further improve its competitiveness. Continued...

WASHINGTON (Reuters) - President George W. Bush blasted political opponents on Tuesday for selectively leaking from a secret intelligence assessment on global terrorism and then made public the report's main conclusion that the Iraq war had become a "cause celebre" for Islamic extremists.

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