Ping An Continues to Add to ICBC Stake -- Market Talk

Features Dow Jones Newswires

0120 GMT - Ping An isn't done buying shares of ICBC. A new disclosure shows the Chinese insurer last week edged up its stake to 8% from 7.9% in the country's top lender, paying some HK$483 million ($61.9 million). The move by Ping An, which first disclosed in September it owned more than 5% of ICBC, is believed to be a passive investment to boost the returns of its excess capital. ICBC has risen 6.6% from late September while Ping An is up 19% just this month. (joanne.chiu@wsj.com; @joannechiuhk)

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November 27, 2017 20:35 ET (01:35 GMT)