Ownership
Ping An has the classification as being a private company. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers, said that "the true ownership of large chunks of its shares remains unclear" and that the ownership of Ping An is a "murky structure". In October 2012, The New York Times reported that relatives and associates of Chinese Premier Wen Jiabao controlled stakes in Ping An worth at least US$2.2 billion in 2007. They paid the equivalent of 40 cents a share, others buying in the same time frame paid as much as $1.20. Thanks to favorable regulatory treatment and licensing the firm was able to build a diverse financial firm with interests in insurance, brokerage, and banking.
Although Ping An styles itself as a local Chinese insurer, HSBC acquired 48.22% of H shares by means of different HSBC subsidiaries. HSBC hold 16.8% of total shares of Ping An, making itself to be the biggest shareholder
Read more about this topic: Ping An Insurance
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