L.R.Capital Announces US$136 million Investment in China Taiping H-share Placement 8 May 2015, Hong Kong – L.R. Capital, a Hong Kong-based global investment and alternative asset management company announced its US$136 million investment in H-share placement by China Taiping (966.HK) today.
On 7 May, China Taiping (966.HK) announced that it planned to place 486 million shares to no more than 10 investors at HK$27.74 per share expecting to raise US$1.7 billion or 13.52% of enlarged issued share capital. The offer price is at a 5% discount to the latest closing price of HK$29.2.
Reports show that the placement attracted a large number of strategic investors and investment companies, including two IT tycoons in China – Ma Yun, founder of Alibaba and Ma Huateng, chairman of Tecent, and well-known institutions such as Fosun International, Block Rock, JP Morgan Asset Management, Value Partners and Haixia Capital.
Founded in 1929 in Shanghai, China Taiping is a brand with the longest history in China’s insurance sector. The Company has a complete portfolio and provides customers with one-stop integrated financial and insurance services, including life insurance, property insurance, endowment insurance, reinsurance, reinsurance brokerage and insurance agency, securities brokerage, asset management and non-financial investment across mainland China, Hong Kong, Macau, Europe, Oceania, East Asia and Southeast Asia. In 2014, China Taiping achieved net profit of RMB4.042 billion, up 144% from last year and higher than the forecast net profit of RMB3.77 billion and representing basic EPS of RMB1.442 and diluted EPS of RMB1.44.