FACTBOX-China's Ping An Insurance lists in Shanghai

(Reuters) - Ping An Insurance (Group) Co. (601318.SS)(2318.HK), the country's second-biggest life insurer, listed on the Shanghai Stock Exchange on Thursday after raising $5 billion in China's second-largest initial public equity offer.

Here are details of the offer and key facts about the insurer, which is 16.77 percent owned by HSBC (HSBA.L)(0005.HK) and also traded in Hong Kong.

Key issue details:

Number of shares issued: 1.15 billion A-shares

Proportion: 15.66 percent of

expanded capital

Purpose of issue: supplement capital and

purposes agreed by regulators

Price: 33.80 yuan

Proceeds: 38.9 billion yuan

Subscription: 28 times

Money in subscription: 1.09 trillion yuan

EPS (2007 analysts' forecast) 0.98 yuan

P/E (2007 analysts' forecast): 34.5 times (fully diluted,

based on IPO price)

Listing date: March 1

Lead underwriters: Goldman Sachs Gaohua

Securities, Galaxy Securities

and CITIC Securities

Key financial data *** (in billions of yuan unless stated):

YEAR 3Qs 2006 2005 2004

Insurance income 61.415 67.383 61.496

Investment, interest income 13.598 9.685 6.871

Operational profit 3.973 3.822 3.364

Net profit 3.677 3.338 2.608

EPS (yuan) 0.59 0.54 0.42

END OF PERIOD 3Q 2006 2005 2004

Total assets 332.893 288.104 238.967

Total liabilities 297.936 254.915 208.338

Shareholders' equity 34.359 32.664 30.177

Minority interest 0.598 0.525 0.452

Net assets per share (yuan) 5.55 5.27 4.87

*** The data are compiled under Chinese accounting standards. Under international accounting standards, Ping An posted a net profit of 5.317 billion yuan for the first nine months of 2006, 4.226 billion yuan in 2005 and 3.116 billion yuan in 2004.

The discrepancy is partly caused by differences in booking costs involved in selling policies, such as commissions.

Chinese rules require insurers to include the costs in the year when the sale actually occurs, while international standards allow them to amortise the costs over a number of years depending on the policies' duration.

Ping An, which has been listed in Hong Kong since June 2004, says China will adopt new accounting rules starting in 2007, making them approach international standards. That will help narrow the gap, although it will still exist.

Status in China's life insurance market

COMPANY PREMIUMS (BLN YUAN) MARKET SHARE (PCT)

H1 2006 2005 H1 2006 2005

China Life 111.4 160.9 49.4 44.1

(601628.SS) (2628.HK)

Ping An 37.3 58.8 16.5 16.1

China Pacific 19.2 36.2 8.5 9.9

New China Life 14.5 21.1 6.4 5.8

Taikang Life 10.9 17.8 4.8 4.9

all others 32.2 69.8 14.3 19.1

----------------------------------------------------------------

Total 225.5 364.6 100.00 100.00

SHAREHOLDERS (IN PCT) PRE-SHANGHAI OFFER POST-OFFER

HSBC Insurance Holdings Ltd. ** 9.99 8.43

Hong Kong and Shanghai Banking Corp. ** 9.91 8.34

Shenzhen Investment Holdings Co. 8.77 7.40

Shenzhen New Horse Investment Development 6.29 5.30

Yuan Trust Investment Co. 6.13 5.17

Shenzhen Jingao Industrial Development 5.34 4.51

Other shareholders 53.57 45.19

Public A-share holders 0 15.66

----------------------------------------------------------------- total 100.00 100.00

total outstanding shares (bln) 6.195 7.345

** The two units of HSBC Holdings Plc. owned a combined 19.9 percent of Ping An before its Shanghai offer, dropping to 16.77 percent after the offer.

Sources: Ping An Insurance's company statements, industry data and Reuters calculations.

($1=7.74 Yuan)