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China's Ping An to carefully consider share sale- paper

Mon Feb 25, 2008 6:38pm EST

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SHANGHAI, Feb 26 (Reuters) - China's Ping An Insurance (2318.HK) will prudently consider the size and timing of a planned multi-billion dollar share sale after the country's securities watchdog warned companies against big share sales, the Shanghai Securities News reported on Tuesday.

"Our company has noticed the comments made by the spokesman of the China Securities Regulatory Commission... The company will cautiously consider the timing and size of the fund raising as well as market situation," a Ping An (601318.SS) spokesman was quoted by the official paper as saying.

China Securities Regulatory Commission, in a fresh effort to prevent a stock market crash, warned companies late on Monday against making big issues of new shares that could push down the market.

Ping An has said it planned to issue 1.2 billion additional local-currency A shares and sell 41.2 billion yuan ($5.8 billion) in convertible bonds. The fund raising plan, which is estimated to raise around 160 billion yuan, was a major key factor in the sharp falls in China's A share market over the past month. ($1 = 7.18 yuan) (Reporting by Samuel Shen; Editing by Jan Dahinten)



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