Ping An Insurance hires bankers to manage up to USD 1.5bn brokerage spin-off
16 June 2016 - 12:00 am UTC
Ping An Insurance (Group) [HKG: 2318] has mandated Goldman Sachs and Ping An of China Securities (Hong Kong) to help arrange a spin-off of its brokerage arm on the Hong Kong stock exchange, according to two sources briefed on the situation.
The brokerage, Ping An Securities Company, is expected to raise USD 1bn-USD 1.5bn through its new H-share sale, the same source continued.
Bank of America Merrill Lynch is also advising on the spin-off, one of the sources said.
The deal is likely to hit the Hong Kong capital markets in the fourth quarter, the second source said.
