-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business_Markets -> 
Ping An to launch fund for overseas investment
    2017-05-05  08:53    Shenzhen Daily

CHINA’S largest insurer by market value, Ping An Insurance Group Co. of China Ltd., is launching its first overseas fund to primarily invest in financial and health care technology worldwide, underscoring its push beyond its home market.

The initial size of the Ping An Global Voyager Fund will be US$1 billion, the insurer said in a statement Thursday. It will be managed from Hong Kong and led by Jonathan Larsen, an 18-year stalwart of Citigroup who joined Ping An as its chief innovation officer.

Ping An’s overseas ambitions mirror those of other Chinese firms, including Anbang Insurance and Fosun International, which are spending billions on overseas acquisitions in a bid to reduce their dependence on the slowing Chinese economy and weakening yuan currency.

The Shenzhen-based financial group plans to fully invest the Global Voyager Fund in the next three to four years with a focus on early-stage startups.

Ping An in recent years has been building up its expertise in the fintech and health care-related areas, but mostly on the Chinese mainland.

Its main subsidiary Lufax, China’s biggest peer-to-peer lending and wealth management platform, is also looking to expand into Hong Kong or Singapore, Lufax’s chief executive officer Gregory Gibb said.

Valued at US$18.5 billion when it raised US$1.2 billion from a group of investors in January 2016, it is looking to list in Hong Kong to secure more funds to finance its expansion at home and abroad.

Ping An Good Doctor, a medical service app backed by the insurer, raised about US$500 million in its maiden financing round last year, valuing the fast-growing startup at US$3 billion.

Ping An had about 5 percent of its total insurance assets abroad as of December 2016. That was well below the 15 percent cap imposed by China’s insurance regulator, giving it ample room to splurge. It plans to gradually increase its overseas investments to 10 percent over the next three to five years. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn