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Ping An Insurance (Gr) (OTC:PNGAY) Stock, Option Chain

Ping An Insurance (Group)

Ping An Insurance (Gr)

Founded in 1988, Ping An Insurance is an integrated financial service provider headquartered in Shenzhen. The company has a focus on the offerings of healthcare services and integrated financial products. Ping An is China's second-largest life and P&C insurer. The company strives for an integrated financial services platform comprising life insurance, P&C insurance, banking, other financial services, and technology. These business segments contributed 89%, 8%, 23%, -18%, and 2% of the company's operating profits, respectively, in 2023.

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Hong Kong stocks rallied Friday as the week closed out higher for consumer stocks and EV makers which investors hope will be the beneficiary of a forthcoming government stimulus.  

The Hang Seng Index ended the day 2.1% higher at 17,398.73 while China’s CSI 300 Index rose 1.4% to 3,562.39.

Strong Consumer Turnout Drives Hong Kong Stocks Higher Friday As China&#39;s Former Premier Li Keqiang Dies At 68

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A tear-down of an insurance giant’s real estate liabilities mirrors other troubling reports across China’s banking sector right now showing the extent of hidden debt entanglement among financial firms.

Hidden Chinese Property Debt Is Spooking Bond Holders And Sparked A Bank Run

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On Thursday, shares of Ping An Insurance (OTC: PNGAY) experienced volatile short activity. After the activity, the stock price went down -0.16% to $12.66.

The overall sentiment for PNGAY has been Bearish.

Short Volatility Alert: Ping An Insurance

PING AN INS CO OF CHINA by Ping An Insurance (Group) Company of China Ltd.

Ping An Insurance (Group) Co. of China Ltd

HSBC

HSBC Shareholder Ping An Exploring Ways To Cut $13B Stake

<a href="https://www.reuters.com/world/china/china-authorities-ask-ping-an-take-controlling-stake-country-garden-sources-say-2023-11-08/#:~:text=Authorities%20want%20Ping%20An%20to,to%20reach%20Yang%20for%20comment" title="https://www.reuters.com/world/china/china-authorities-ask-ping-an-take-controlling-stake-country-garden-sources-say-2023-11-08/#:~:text=Authorities%20want%20Ping%20An%20to,to%20reach%20Yang%20for%20comment">https://www.reuters.com/world/china/china-authorities-ask-ping-an-take-controlling-stake-country-garden-sources-say-2023-11-08/#:~:text=Authorities%20want%20Ping%20An%20to,to%20reach%20Yang%20for%20comment</a>.

Reuters Reported Earlier: Chinese Authorities Have Asked Ping An Insurance Group To Take A Controlling Stake In  The Nation's Biggest Private Property Developer, Country Garden

Hong Kong stocks rallied Friday as the week closed out higher for consumer stocks and EV makers which investors hope will be the beneficiary of a forthcoming government stimulus. &nbsp;
The Hang Seng Index ended the day 2.1% higher at 17,398.73 while China&rsquo;s CSI 300 Index rose 1.4% to 3,562.39.
Financials also closed out mostly higher while property firms were sharply up on hopes that if the government steps in there may be an end in view to the wave of defaults that have besieged corporate bond markets this year.
Short-selling volumes dropped by about a quarter from a day earlier to 17.4% of all transaction volumes on the Hong Kong Stock Exchange.
Reports of successful Single&rsquo;s Day presales promotions for Alibaba Group Holding (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) and JD.com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>) continued to push those stocks higher, which have been heavily beaten-down throughout 2023.
Chinese consumers are currently sitting heavily on cash <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35444172/what-do-q3-earnings-of-two-of-the-largest-chinese-financial-firms-tell-us-about-chinas-econo" style="color:#0563c1">as revealed by substantially higher deposits</a> on China Construction Bank&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cichy#OTC">CICHY</a>) earnings statement Thursday. As such, retailers are looking to take advantage of the sales opportunity during the country&rsquo;s November sales season. Competitive discounts and a slew of brand-new product offerings this week have seen record sell-out times for Alibaba and JD.com, according to local reports.
Alibaba told the Chinese language media Friday that over 1,300 brands sold about triple the volume of what they did last year in the first hour of its TMall platform sales Tuesday this week. About 700 brands sold over 5x what they did in the same period last year, the company added. Alibaba also said that leading European and American fashion brands, including Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nike#NYSE">NIKE</a>), made over RMB100 million ($13.7 million) in sales each within that hour.
Among other consumer names, Tencent Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) got a boost after Hong Kong&rsquo;s second-largest IPO this year, for J&amp;T Global Express Limited, went live. Tencent is the lead cornerstone investor in the IPO with over 10% of the share allotment. The IPO was oversubscribed by about one and a half times.
Short-selling among consumer names dipped to less than 10% of daily turnover according to traders, with Alibaba seeing just 9.9% of its trading volume represented in short plays, Meituan (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mpngy#OTC">MPNGY</a>) at 6.9% short turnover ratio and Tencent at just 4.5%.
After a 20% decline following an earnings disappointment Thursday, Li Ning repurchased HK$205 million ($26.3 million) of its stock Friday, or around 0.35% of its entire market capitalization, for between HK$23.5 and HK$25.04 a share, helping the stock rise over 3% by day&rsquo;s end.
Alibaba, Meituan and JD.com Inc all finished the day 3% higher, while J&amp;T Global Express held on to its HK$12 offering price by the end of the day&rsquo;s trading.
EV names were also sharply higher, with Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) closing up 2.4%, XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) 5% higher and Li Auto Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) 3.8% stronger on the day after news that Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) scrapped a discount on its bestselling Model Y EV on the Chinese mainland.
Other active heavyweight stocks on the Hong Kong Stock Exchange included financials China Construction Bank, AIA Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aagiy#OTC">AAGIY</a>) and Ping An Insurance Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>), which all rose despite short-sellers still targeting the stocks heavily. Short turnover for each of the three companies was between 18%-37% with the highest for AIA, indicating investors are still bearish about the health of Chinese financial firms.
Pharma names did the best of all sectors on hopes that a government stimulus would target the sector heavily, with Hansoh Pharma (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnspf#OTC">HNSPF</a>) 12% higher, Sino Boipharmaceuticals Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sbmff#OTC">SBMFF</a>) up 10% and Wuxi Biologics (OTC: <a class="ticker" href="https://www.benzinga.com/stock/wxxwy#OTC">WXXWY</a>) rising 7.3% on the day.
In other news, Li Keqiang, China&rsquo;s former premier, died suddenly of a heart attack shortly after midnight Friday at 68 years old. Li was one of China&rsquo;s most popular leaders in history, mostly presiding over a period of 8%+ annual economic growth for the world&rsquo;s second largest economy and hailing in an era of what is viewed as more liberal capitalist style politics on the mainland.

Strong Consumer Turnout Drives Hong Kong Stocks Higher Friday As China's Former Premier Li Keqiang Dies At 68

A tear-down of an insurance giant&rsquo;s real estate liabilities mirrors other troubling reports across China&rsquo;s banking sector right now showing the extent of hidden debt entanglement among financial firms.
Private equity, led by Ping An Insurance Group of China Ltd&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>) real estate subsidiary, is Chinese property&rsquo;s new &ldquo;hot potato&rdquo;, <a href="https://www.bloomberg.com/opinion/articles/2023-10-15/china-property-private-equity-s-role-is-the-new-hot-potato?srnd=premium-asia" style="color:#0563c1">writes</a> Bloomberg columnist Shuli Ren.
Ren&rsquo;s commentary published in a Bloomberg op-ed Monday mirrors deeper concerns being reported across China&rsquo;s banking sector right now.
Ren points out that a 2 billion RMB ($274 million) bond issued by Ping An Real Estate Co. Ltd has been see-sawing lately as investors grow nervous about the company&rsquo;s ability to repay. In late August, the bond was yielding as much as 30%. By early September it had risen again to yield just 10% but has been declining in value since and is now offering an 18% yield.
Ren points out that the real estate subsidiary of China&rsquo;s largest insurer held around 10 billion RMB in cash which is enough to cover just half its interest payments over the next 12 months.
While it is possible that the parent company could step in to repay, the firm&rsquo;s sales have been on a sharp decline since hitting a high in 2021, posing questions about its ability to do so. In the second quarter of this year, Ping An&rsquo;s revenue was 284.1 million RMB vs. 933.1 million RMB for the same period two years ago.
Further, there are unanswered questions about the company&rsquo;s off-balance sheet debt. Recently, the China Securities Regulatory Commission (CSRC) found that the real estate subsidiary had covered up a 200 million RMB overdue debt tranche in a new bond filing.
The company&rsquo;s joint venture partnerships enabled it to borrow cash for years without declaring any increase in leverage, writes Ren. She gave the example of Shenzhen Anchuang Investment Management Co., a vehicle in which Ping An Real Estate holds a 49% stake which was used to heavily gear the firm&rsquo;s property transactions. Last year, Angchuang had 17.8 billion RMB in loans on its books.
The scenario highlights the extent to which there are hidden problems potentially to the tune of billions of dollars that are not on investors&rsquo; radars just yet.
Ping An Insurance has invested 17 billion RMB in its real estate unit from 2014 to 2022, and bears the same name. A collapse of the real estate arm could spark a broader contagion in the financial services sector overall in China.
The observation of firms using off-balance sheet debt in private equity joint-venture partnerships adds a new layer of risk to the increasing troubles in the Chinese property sector. As firms such as China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>) and Country Garden Holdings Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryf#OTC">CTRYF</a>) face collapse, fear is high among investors and savers that the contagion could be sparked elsewhere.
The entanglement of off-balance sheet property loans and beleaguered banks and insurance companies is reminiscent of the unravelling of US subprime, when banks such as Citigroup Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), Goldman Sachs Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) and Morgan Stanley (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>) as well as insurers such as American International Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aig#NYSE">AIG</a>) all had to be bailed out by the government as the extent of their interconnected liabilities became known.
Over the weekend, Asia Times <a href="https://asiatimes.com/2023/10/evergrande-bankruptcy-fears-spark-a-bank-run-in-china/" style="color:#0563c1">reported</a> that Cangzhou Bank was facing a bank ran among its customers throughout last week as savers feared that their money was at risk due to potentially over-extended loans made to China Evergrande.
Evergrande owes Cangzhou around 3.4 billion RMB, according to reports. Cangzhou disputes these amounts, saying that it is owed just a tenth of this amount and that loans are guaranteed by properties.
But last year, in a similar scenario, a large loan was taken out via a Ping An joint venture with Zhenro Properties Group Limited in which the insurer was effectively a guarantor. Ultimately, when the loan fell due and Zhenro was unable to pay the banks came knocking on Ping An&rsquo;s door. Ping An argued then that the loan was collateralized against a property and hence was not its responsibility to repay.
Further, China Life Insurance Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ciljf#OTC">CILJF</a>) has allowed its own real estate subsidiary Sino Ocean Group Holding Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sioly#OTC">SIOLY</a>) to unravel as billions in liabilities have had to be renegotiated with creditors. Monday, Sino Ocean <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35242419/chinese-property-developer-sino-ocean-group-asks-bondholders-to-delay-interest-payments" style="color:#0563c1">goes to its creditors to ask for a delay in interest payments of a 3 billion RMB 10 year bond</a> after freezing payments on $4 billion of offshore bonds in September.
In Cangzhou&rsquo;s case, the bank resorted to putting up a physical wall of cash last week in its branches to assure savers that their money was safe. The cash wall seemed to have little effect in assuaging their worries however, according to Asia Times, and long queues of depositors lining up to make large cash withdrawals were noticeable in branches across the country well into Saturday.

On Thursday, shares of Ping An Insurance (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>) experienced volatile short activity. After the activity, the stock price went down -0.16% to $12.66.
The overall sentiment for PNGAY has been Bearish.
The signal from the volatility alert is trending Bullish. Therefore, the recommendation is to Strong Buy.
The volatility alert was produced on the prior trading date, 6/29/2023 with a volatility change of +114.54%. The current volatility indicator stands at 13.359.
Overview: The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

<ul>
<li class="ql-indent-1">HSBC Holdings PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) reportedly defeated the proposal on the potential spinoff of its Asian business into a Hong Kong-listed company in today&#39;s annual general meeting (AGM).</li>
<li class="ql-indent-1">Investors in support of the spinoff failed to get the majority votes. HSBC&#39;s largest shareholder,&nbsp;Ping An Insurance (Group) Co. of China Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pngay#NYSE">PNGAY</a>), supported the spinoff, reported&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2023/05/05/hsbc-shareholders-to-vote-on-spinoff-proposal-at-annual-meeting.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">CNBC</a>.</li>
<li class="ql-indent-1">Activist investor Ken Lui, leading a group of investors, discussed resolutions 17 and 18 at the AGM, comprising spinoff and fixed dividend payment proposals. In March, supported by its investor advisory firms ISS and Glass Lewis, HSBC advised the shareholders to reject these resolutions.&nbsp;</li>
<li class="ql-indent-1">The report quoted Mark Tucker, Chairman of HSBC, saying, &quot;The indicative results of all votes today are fully in line with the board&#39;s recommendations. Based on these indicative results, resolutions one to 15 have passed and resolutions 16, 17 and 18, which were requisitioned by shareholders, have failed.&quot;&nbsp;</li>
<li class="ql-indent-1">The votes will be reviewed, and the final results will be released today.&nbsp;</li>
<li class="ql-indent-1"><a class="editor-rtfLink" href="https://www.hsbc.com/news-and-media/media-releases/2023/hsbc-response-to-statement-by-ping-an-asset-management-company" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Last month</a>, HSBC said its existing strategy delivers improved results and separating the Asia-Pacific business will lead to shareholders&#39; value loss and dividends reduction.</li>
<li class="ql-indent-1">This week, HSBC reported a threefold increase in Q1 2023 profits led by strong net interest income and&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/05/32153598/hsbc-q1-profit-triples-on-strong-nii-declares-first-quarterly-dividend-since-2019" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">declared a quarterly dividend for the first time since 2019</a>.</li>
<li>Profit before tax rose in Q1 significantly to $12.9 billion for Q1 from $4.1 billion a year earlier, with an impairment charge reversal of $2.1 billion related to the planned sale of its French operation and a provisional gain of $1.5 billion from SVB UK acquisition.</li>
<li>Price Action: HSBC shares are trading higher by 1.67% at $37.66 premarket on last check Friday.</li>
</ul>

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HSBC Defeats Proposal Regarding Asian Business Spin-Off At Shareholder Meeting: Report

The stock markets in mainland China opened lower on Wednesday following the long weekend holiday for the Mid-Autumn Festival.
What&rsquo;s Moving: The benchmark Shanghai Composite Index fell more than 1% in early trade but has pared losses and is down 0.4% at the time of writing. The Index closed almost 0.2% higher on Friday.
Shenzhen Component traded 0.87% lower at press time.
Why Is It Moving: Worries about the potential impact of China Evergrande Group&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>) liquidity crisis on China&rsquo;s financial system continued to weigh on the markets.
The world&rsquo;s most indebted property developer is expected by analysts to default on a series of interest payments due on its debt, beginning on Thursday.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-nio-stock/">How To Buy Nio (NIO) Stock</a>
Reuters <a href="https://www.reuters.com/world/china/china-evergrande-inches-close-default-deadline-investors-wait-2021-09-21/">reported</a> that Evergrande&rsquo;s main unit Hengda Real Estate said it will make a bond coupon payment on Thursday. The news helped soothe investors&rsquo; concerns about the company, which has more than $300 billion in liabilities.
Industrial and Commercial Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>) is trading lower by almost 1.3% while China Construction Bank Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cichy#OTC">CICHY</a>) is declining 2.1% and China Petroleum and Chemical Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snp#NYSE">SNP</a>) is down almost 0.5%. Ping An Insurance (Group) Co. of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>) is down&nbsp;about 2.4%.
Shares of U.S.-listed Chinese companies that&nbsp;are also listed in Hong Kong closed mixed in U.S. trading on Tuesday after the major averages in the U.S. ended on opposite sides of the unchanged line. Investors turned cautious as they looked ahead to the U.S. Federal Reserve&rsquo;s monetary policy announcement due on Wednesday.
Alibaba Group Holding Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>)&nbsp;&nbsp;shares closed 0.9% lower, while electric vehicle maker Nio Inc.&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) shares ended lower by almost 0.8%.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/09/23025025/cramer-begs-investors-of-cryptos-like-bitcoin-ethereum-dogecoin-to-book-profits-before-eve">Cramer &#39;Begs&#39; Investors Of Cryptos Like Bitcoin, Ethereum, Dogecoin To Book Profits Before Evergrande Crisis Takes Bigger Toll</a>

China Markets Open Lower After 4-Day Break For Mid-Autumn Festival Amid Evergrande Crisis

Ant Group, the financial technology affiliate of e-commerce giant Alibaba Group Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) retained its spot as the largest holder of blockchain patents in 2020, according to a report by International Asset Management that&nbsp;cited data from Clarivate&rsquo;s Derwent World Patents Index or DWPI.
What Happened:&nbsp;Research published by IAM showed that Ant Group retained its top spot on the index, which aggregates patents filed for both quantity and quality, CoinDesk first <a href="http://www.coindesk.com/ant-group-leads-chinese-dominated-2020-list-of-blockchain-patents">reported.</a> The rankings are dominated by Chinese companies, which lead the way in terms of blockchain patent filing volume.
Ant Group filed 586 patents in 2020, which represents a 33% decrease from the 880 patents it filed in the previous year. The company has 2,298 blockchain patents.
Shenzen-based conglomerate Ping An Insurance (Group) Company of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>) filed 1,215 patents in 2020 to wrest the second spot from Tencent Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>).
International Business Machines Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ibm#NYSE">IBM</a>) was the only non-Chinese company in the top ten, taking the fourth spot in the number of blockchain patents last year with 647 filings. Nevertheless, the DWPI score metrics pushed IBM into the second spot behind Ant Group.
<a href="https://www.benzinga.com/money/how-to-buy-alibaba-stock/">See also:&nbsp;How To Buy Alibaba Stock</a>
Why It Matters: Chinese companies are continuing to expand their research into blockchain technology, which is used in financial technology, supply chain management and the Internet of Things or IoT, among other applications. &nbsp;
Chinese President Xi Jinping had <a href="https://www.benzinga.com/markets/cryptocurrency/19/10/14671266/cryptocurrencies-remain-bullish-following-chinas-praise-for-blockchain">called for</a> more research and innovation in blockchain technology in 2019. Some of the biggest technology companies in China, including Ant Group, Tencent and Baidu Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>) have <a href="https://www.benzinga.com/markets/cryptocurrency/20/04/15804018/chinese-tech-giants-tencent-baidu-huawei-others-part-of-countrys-national-blockchain-commi">representation</a> in the country&#39;s national blockchain committee. 
See Also:&nbsp;<a href="https://www.benzinga.com/fintech/21/03/20160124/jack-mas-ant-pledges-to-go-carbon-neutral-by-2030">Jack Ma&#39;s Ant Pledges To Go Carbon Neutral By 2030</a>
Since 2015, Ant Group has been investing significantly in the research and development of blockchain technologies. In July last year, Ant Group <a href="https://www.benzinga.com/pressreleases/20/07/b16745062/ant-group-unveils-new-technology-brand-antchain-and-all-in-one-workstation-antchain-station-for-ex" style="font-size: 13px;">unveiled</a> AntChain, a new technology brand for the company&rsquo;s blockchain-based solutions.
Price Action: Alibaba Group shares closed almost 0.7% lower on Monday at $230.28 and further declined 0.2% in the after-hours session.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/03/20182264/nft-sneakers-that-dont-yet-exist-fetched-3-1m-in-just-seven-minutes">NFT Sneakers That Don&#39;t Yet Exist Fetched $3.1M In Just Seven Minutes</a>

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Alibaba's Ant Leads The Way Globally In Blockchain Patents

FactSet Research Systems Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/fds#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">FDS</a>) and&nbsp;Ping An Insurance (Group) Co. Of China Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/pngay#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">PNGAY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/piaif#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">PIAIF</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/21/03/n20047982/factset-and-ping-an-to-offer-investors-esg-content-and-analytics-on-chinese-companies" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">announced a joint offering</a>&nbsp;for investors considering environmental, social, and corporate governance (ESG) metrics for companies incorporated in China.
<ul>
<li>The offering will be launched by FactSet and Ping An&#39;s associate company&nbsp;OneConnect Financial Technology Co Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ocft#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">OCFT</a>), a technology-as-a-service platform for financial institutions in China.</li>
<li>FactSet will integrate OneConnect&#39;s artificial intelligence (AI)-driven ESG content sets into its workstations, standard data feed, and application programming interfaces (APIs) to fast-track the availability of ESG metrics for over 3,500 Chinese class A-share companies.</li>
<li>OneConnect offers wide-ranging coverage of ESG factors and assessments for companies listed on the Shanghai and Shenzhen Stock Exchanges to help investors better integrate ESG measurements into their investment processes.</li>
<li>OneConnect&#39;s ESG content will be available in the coming months in the FactSet workstation and via standard data feed and APIs.</li>
<li>Price action:&nbsp;FDS stock closed higher by 3% at $314.25 on Friday.</li>
</ul>

OCFT

PIAIF

FactSet, Ping Collaborate To Offer ESG Metrics For Chinese Companies

Chinese e-commerce major&nbsp;JD.Com Inc&rsquo;s&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jd#NASDAQ" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">JD</a>) fintech unit, JD Technology, will likely withdraw its IPO application on Shanghai&rsquo;s technology-heavy Star Market amidst China&rsquo;s widespread crackdown on the extensive online finance industry,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-03-08/jd-s-fintech-arm-likely-to-withdraw-china-ipo-scmp-says?srnd=technology-vp" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg reports</a>&nbsp;based on the South China Morning.
What Happened:&nbsp;JD Technology, previously known as JD Digits, was renamed after absorbing JD&rsquo;s AI and cloud businesses earlier this year. The withdrawal was influenced by China&rsquo;s regulatory policy update, which blocked Jack Ma&rsquo;s ambitious Ant Group Co IPO in November.
China Communist Party&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/03/20027819/chinas-key-data-sharing-mandate-wreak-double-whammy-for-tech-industry-amidst-increased-antitrust-pro" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">recently prioritized data disclosure</a>&nbsp;norms regarding search, e-commerce, and social media by the tech companies for the next five years to promote the healthy development of the sharing and online economies. Beijing was also reportedly launching a platform for sharing public and government data.
JD Technology was planning to rake around $3 billion (20 billion yuan) and might reapply going forward. JD.com stock shed 5% in Hong Kong on Monday.
Why It Matters:&nbsp;China&rsquo;s fintech industry was rendered vulnerable since the introduction of new regulations on consumer lending in November, leading to the abrupt suspension of Jack Ma&rsquo;s Ant&rsquo;s planned $35 billion debuts in Hong Kong and Shanghai.
Beijing initiated a crackdown on alleged monopolistic practices by its giant internet industry last November over their growing influence from voluminous data collection.
The regulatory crackdown compelled the fintech companies to reconsider their IPOs and raise cash to adhere to the rules requiring online lending companies to provide 30% funding for loans. Previously, companies like Ant and&nbsp;Lufax Holding Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lu#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">LU</a>), the fintech arm of&nbsp;Ping An Insurance (Group) Co. Of China Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/pngay#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">PNGAY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/piaif#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">PIAIF</a>) kept about 2% of their loans on their books.
JD Technology promoted its Chief Compliance Officer to the CEO last December to manage the growing regulatory crackdown.
Lufax, which went public in New York in October, had cautioned investors regarding its plan to raise the proportion of loan risk with lending partners to 20% from 2% due to regulatory trends. The stock declined close to 13% since Feb. 16. However, it is presently trading at 12.7% above its IPO price.
Price action:&nbsp;JD shares are trading lower by 3.92 at $87.16 in the pre-market session on the last check Monday.
Image Courtesy: Wikimedia

IPOs

JD Could Withdraw Fintech Arm IPO Amidst Regulatory Crackdown: Report

Ping An Insurance Company of China, Ltd&rsquo;s&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/pngay#OTC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">PNGAY</a>) wealth management and the retail lending unit has become a short seller target&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/fintech/20/11/18354492/china-president-xi-jinping-personally-ordered-halt-of-jack-mas-ant-ipo-wsj" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">after suspension</a>&nbsp;of&nbsp;Alibaba Group Holdings Ltd&rsquo;s&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/baba#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">BABA</a>)-backed Ant Group IPO, according to&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2020-11-22/ant-s-stalled-ipo-threatens-ping-an-s-22-billion-tech-ambition?sref=TBDibEcD" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg</a>.
Fintech&nbsp;Lufax Holding Ltd&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lu#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">LU</a>) debuted&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/fintech/20/10/18029123/ping-an-backed-fintech-firm-lufax-aims-to-raise-up-to-2-3b-in-nyse-ipo" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">in October</a>. Ping An holds a 39% stake in Lufax after adjusting for the public issue.
What Happened: Lufax pushed through its U.S. listing before the Chinese authorities beefed up scrutiny of online peer-to-peer lending under the newly introduced local antitrust laws. The Chinese regulatory body, State Administration for Market Regulation, also introduced new compliance requirements to oversee tech companies, as reported by the&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/52f48c49-cff3-410c-bd1e-3a10539c6054" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Financial Times</a>.
The tightening grasp of regulators is forcing investors and wealth managers to reconsider investment strategies in Chinese fintech companies under pressure both in the U.S. and at home.
Almost 34% of Lufax&rsquo;s outstanding shares as of Nov. 17 represent short-interest, up from 5% when the Ant deal was suspended, as per Bloomberg. At the time, Lufax stock fell around 23%.
Why Does It Matter: A report released by Procensus on Nov. 5 labeled Lufax as &ldquo;the community&rsquo;s No. 1 consensus short,&rdquo; after the $37 billion Ant Group IPO was ground to a halt. Processus&rsquo; results were based on 84 global investors&rsquo; responses with a collective AUM of $15.3 trillion -- Bloomberg.
Ping An has at least ten startups in recent years. China&rsquo;s move to tighten regulation for fintech firms by boosting capital requirements and the Securities and Exchange Commission&rsquo;s intention to propose a regulation to delist companies not complying with U.S. auditing rules poses a threat to the future IPOs by Ping An.
Presently, the Chinese insurance company plans an IPO launch for Ping An Smart City, a smart city technology company, and its health care management startup&nbsp;Ping An HealthKonnect.
Price Action: LU ADRs are trading lower by 2.26% at $14.28 in the pre-market session on the last check Monday. PNGAY closed lower by 0.22% at $22.93 on Friday.

Fintech news covering the emerging Financial Technology services sector

Fintech

Short Sellers

Lufax Becomes The Next Short Seller Target After Ant IPO Halt: Report

Lufax Holding Ltd.&nbsp;in a filing with the U.S. Securities and Exchange Commission&nbsp;on Thursday disclosed it is seeking to raise up to $2.36 billion in proceeds in its initial public offering.
What Happened:&nbsp;The Chinese fintech firm plans to&nbsp;issue 175 million American Depository Shares (ADS) in the offering, with each unit priced between $11.50 and $13.50. Two ADS will be equal to one ordinary share in the company.
Underwrites for the IPO of&nbsp;the Chinese insurance giant&nbsp;Ping An Insurance (Group) Company of China Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>)-backed Lufax are entitled to a greenshoe option to buy an additional 26.25 million ADS, within 30 days of the offering. If the underwriters exercise the&nbsp;option in full, the management estimates capital proceeds of $2.42 billion at $12.50 per ADS.
<div>
After a scheduled briefing for Asian Investors on Friday, Lufax plans to hold similar discussions with European and American investors on Monday, <a href="http://www.reuters.com/article/lufax-ipo/china-wealth-manager-platform-lufax-aims-to-raise-236-bln-in-us-ipo-idUSL4N2HE0ZR">according</a> to Reuters.
Why Does It Matter: At $2.36 billion, Lufax IPO could set the record as the largest Chinese fundraiser of this year in the U.S.,&nbsp;Bloomberg <a href="http://www.bloomberg.com/news/articles/2020-10-22/china-fintech-firm-lufax-seeks-up-to-2-36-billion-in-u-s-ipo?sref=TBDibEcD">noted.</a> Based on the total outstanding shares, Lufax could reach an enterprise valuation of approximately $33 billion.
From its modest start in 2011 as a peer-to-peer lending platform, the Chinese fintech company has expanded into the wealth management and retail lending business. In June, the company facilitated $73.5 in retail lending and reported $53 billion of client assets under management from its online wealth management portal.&nbsp;&nbsp;
Lufax <a href="http://www.benzinga.com/fintech/20/10/17830276/ping-an-backed-china-wealth-manager-lufax-pursues-us-ipo">disclosed</a> its intent for a public listing on the New York Stock Exchange earlier this month. It would be listed under the symbol &quot;LU.&quot;
</div>

Ping An-Backed Fintech Firm Lufax Aims To Raise Up To $2.3B In NYSE IPO

Chinese online wealth management firm Lufax Holding Ltd is seeking an initial public offering in the United States and&nbsp;list American Depositary Shares on the New York Stock Exchange.
What Happened: The Ping An Insurance (Group) Company of China, Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>)-backed company has not disclosed the size of the offering but proposed a placeholder amount of $100 million in a <a href="https://www.sec.gov/Archives/edgar/data/1816007/000119312520265571/d934009df1.htm">filing</a> with the U.S. Securities and Exchange Commission.&nbsp;
The shares would be listed under the symbol &ldquo;LU.&rdquo;
Goldman Sachs Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>), Bank of America&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) Investment banking arm BofA Securities, UBS Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>), HSBC Holdings Plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), and China PA Securities are serving as the lead underwriters for Lufax&#39;s IPO.&nbsp;
The company came into existence in 2011 as a peer-to-peer&nbsp;platform but has been exiting those operations due to regulatory constraints in China, reports <a href="http://v">Reuters</a>.
It recorded a net profit of $1.07 billion for six months leading up to June 30, compared with $1.01 billion in a similar period a year earlier.
Why It Matters: The listing of the wealth management company comes after the December 2018 listing of OneConnect Financial Tech Co Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ocft#NYSE">OCFT</a>), another fintech backed by Ping An that raised $312 million, Reuters noted.
Lufax reportedly postponed its 2018 Hong Kong listing due to prevalent uncertainty over lending regulations in China.
In May, the United States Senate passed <a href="https://www.benzinga.com/government/20/05/16077893/us-senate-passes-new-regulations-for-chinese-companies-alibaba-others-trade-down">new regulations</a> that could lead to the delisting of Chinese companies from domestic exchanges.
Worsening U.S.-China relations mean some companies are pursuing dual listings on the mainland and Hong Kong exchanges.&nbsp;
Alibaba Group Holding Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) subsidiary Ant Financial is aiming to raise the world&rsquo;s largest IPO valued at $35B and plans to <a href="https://www.benzinga.com/fintech/20/09/17578280/alibabas-ant-financial-aims-to-raise-worlds-largest-ever-ipo-at-35b">simultaneously list</a> on Hong Kong and Shanghai exchanges.
Price Action: Ping An OTC shares closed almost 0.3% lower at $20.74 on Wednesday.

Ping An-Backed China Wealth Manager Lufax Pursues US IPO

HSBC Holdings Plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) shares recovered from the historic low hit last week in Hong Kong on Monday, surging as much as 10% in intraday trading.
What Happened:&nbsp;The surge came following China&#39;s largest insurer&nbsp;Ping An Insurance Company of China Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pngay#OTC">PNGAY</a>) increasing its stake in the banking giant.&nbsp;
According to the <a href="http://www.scmp.com/business/banking-finance/article/3103254/chinas-biggest-insurer-ping-boosts-hsbc-stake-us394">South China Morning Post</a>, Ping An&nbsp;bought 10.8 million HSBC shares&nbsp;for a total consideration of $39.4 million from the open market&nbsp;when it was on a downward spiral.
The Chinese insurer increased its position in HSBC from 7.95% to 8% with the purchase, according to SCMP.&nbsp;These transactions were carried out through Ping An&rsquo;s investment management arm, Ping An Asset Management. Financial services company BlackRock Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) holds 7.14% in HSBC, SCMP noted.
Why Does It Matter:&nbsp;The Ping An purchase of its shares came as a relief for HSBC after a rough week.
An expose last week on the <a href="http://www.benzinga.com/government/20/09/17577709/what-fincen-files-leak-is-all-about">FinCEN files</a>&nbsp;&mdash;&nbsp;the Suspicious Activity Reports review &mdash; flagged many questionable transactions by HSBC. As a result, the bank&rsquo;s stock crashed to $17.95, a new 52-week low.
Bank of America analyst, Richard Thomas, <a href="http://www.benzinga.com/analyst-ratings/analyst-color/20/09/17587053/hsbc-deutsche-bank-lead-bank-stock-sell-off-following-money-laundering-allegations-">downgraded HSBC&#39;s</a>&nbsp;debt last week, citing the FinCEN files report as well as a possibility that the Chinese regulators would classify the bank as an &ldquo;unreliable company.&rdquo;
A Ping An spokesperson told SCMP that the insurance company has always viewed HSBC as a &quot;long-term investment.&quot;
The Chinese insurance company has been buying HSBC stock since 2016 and exceeded the 5% regulatory reporting threshold in December 2017.
Price Movement: HSBC stock dropped 1.52% during Friday&rsquo;s trading session to close at $18.11 in New York.
The bank&#39;s shares traded 9.2% higher at HKD 30.80 at press time in Hong Kong.
Photo courtesy: Solomon203 via Wikimedia

Global

Movers

HSBC Shares Rebound From Historic Lows In Hong Kong As Ping An Increases Stake

<h3>Companies Reporting Before The Bell</h3>
&bull; Big Lots Inc. (NYSE:<a class="ticker" href="/stock/BIG#NYSE">BIG</a>) is estimated to report quarterly earnings at $2.70 per share on revenue of $1.61 billion.
&bull; Hibbett Sports Inc. (NASDAQ:<a class="ticker" href="/stock/HIBB#NASDAQ">HIBB</a>) is estimated to report quarterly earnings at $1.15 per share on revenue of $349.58 million.
&bull; Borr Drilling Inc. (NYSE:<a class="ticker" href="/stock/BORR#NYSE">BORR</a>) is estimated to report quarterly loss at $0.38 per share on revenue of $87.30 million.
&bull; Just Energy Group Inc. (NYSE:<a class="ticker" href="/stock/JE#NYSE">JE</a>) is estimated to report quarterly earnings at $0.15 per share on revenue of $873.77 million.
&bull; Mowi Inc. (OTC:<a class="ticker" href="/stock/MHGVY#OTC">MHGVY</a>) is estimated to report earnings for its second quarter.
&bull; Tuniu Inc. (NASDAQ:<a class="ticker" href="/stock/TOUR#NASDAQ">TOUR</a>) is expected to report earnings for its second quarter.
&nbsp;
<h3>Companies Reporting After The Bell</h3>

&bull; 500.com Inc. (NYSE:<a class="ticker" href="/stock/WBAI#NYSE">WBAI</a>) is estimated to report earnings for its second quarter.

Earnings

Pre-Market Outlook

BORR

HIBB

MHGVY

TOUR

WBAI

Earnings Scheduled For August 28, 2020

On Monday, Chinese online wealth management company Lufax has reportedly filed confidentially with the SEC to&nbsp;raise up to $3 billion in a U.S. IPO.
Lufax Public Attempts: Lufax, backed by Ping An Insurance Group (Pink: <a class="ticker" href="https://www.benzinga.com/stock/pngay#Pink">PNGAY</a>), is working with Goldman Sachs (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gs#NASDAQ">GS</a>), HSBC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NASDAQ">HSBC</a>), UBS (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) and Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) on its IPO.&nbsp;
Lufax provides lending solutions to small-to-medium enterprises and individuals, and as of December 2019 reported over 44.02 million users.
In 2018 Lufax, planned a Hong Kong listing, but pulled out after Chinese banking regulations changed.
Lufax at that time was involved in peer-to-peer lending and has since changed its focus.&nbsp;
Chinese Companies Rush To Markets: Lufax hopes to be on the U.S. market within months, trying to beat new U.S. regulations.
In early August, the U.S. Presidential Working Group on Financial Markets announced that all Chinese IPO candidates must allow U.S. personnel to review their audit records. Chinese laws tend to allow for more secrecy.
&ldquo;The strong demand for quality Chinese names among U.S. investors gives us the confidence to proceed with the IPO plan despite the impending crackdown by U.S. authorities,&quot; a&nbsp;Lufax advisor told the Nikkei Asian Review.&nbsp;
Lufax&#39;s SEC filing comes shortly after other Chinese companies such as KE Holdings and Xpeng also filed for U.S. IPOs.
As of the last known funding round in 2018, investors have valued Lufax at $39.4 billion.

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