ZhongAn Online climbs on bonds issue plan to improve solvency

ZhongAn Online P & C Insurance

13/09/2023 03:44

** Shares of ZhongAn Online P & C Insurance Co Ltd  6060.HK 
climb 3.4% to HK$24.65, highest since Aug. 28
    ** Stock on course for biggest one-day pct rise since Sept.
4 if gains hold
    ** Shanghai-based insurance services provider said National
Administration of Financial Regulation approved its plan to 
issue 10-year redeemable capital supplementary bonds with an
issuing size of not more than 5 bln yuan ($685.98 mln)
    ** Co says proceeds will be used to replenish its capital to
improve solvency, and the issuance is subject to the approval of
the People's Bank of China
    ** The Hang Seng Composite Index tracking financials stocks
 .HSCIF  climbs 0.2%, while the Hang Seng Composite Index
 .HSCI  and the Hang Seng Index  .HSI  both slip 0.3%
    ** As of last close, the stock had risen 10.9% this year

($1 = 7.2888 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))