Ping An gets shareholder nod for H-share issue

HONG KONG, May 14 (Reuters) - Ping An Insurance (Group) (2318.HK: Quote, Profile, Research, Stock Buzz)(601318.SS: Quote, Profile, Research, Stock Buzz), China's No.2 life insurer, said it had received shareholders' approval to issue an additional up to 20 percent of the company's H shares.

Shareholders had passed the regular H-share issue resolution at an annual meeting on Tuesday but it had no timetable for the issue, the company said in a statement late on Tuesday.

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China's volatile capital markets have forced Ping An to postpone its capital raising plan via local currency A shares.

The company said earlier this month that it would not issue new A shares for at least six months. [ID:nHKG17825]

Ping An announced in January that it planned to offer up to 1.2 billion new A shares and 41.2 billion yuan ($5.89 billion) in convertible bonds as part of a capital raising programme. ($1=6.991 YUAN) (Reporting by Alison Leung; Editing by Anne Marie Roantree)