Ping An Insurance, China's second largest life insurer, plans to sell up to 1.15 billion A-shares to raise an estimated 4 billion US dollars to boost its capital base. The insurer said on Wednesday that, subject to shareholders' approval, it would apply to the 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 27.80 Hong Kong dollars on Tuesday, the issue would be worth around 32 billion Hong Kong dollars, or 4 billion US dollars.

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