Chinese holding conglomerate Ping An Insurance said in an announcement that it intends to repurchase a total of no more than 10% of its publicly issued domestic and overseas shares amid the recent market turbulence, The Paper reported.
At the close of October 29, the company’s A shares were 62 yuan per share, totalling a market value of 1.13 trillion yuan. If calculated according to the 10% ceiling, there will be more than 110 billion yuan (US$15.8 billion) of repurchase funds injected into the market in the future.
The repurchase funds include its own funds and funds that meet regulatory requirements, the company said.
Directors of Ping An believe that the repurchase of shares is meant to maintain the stability of the company’s operation, development and stock price, to protect the long-term interests of investors and to maximize the value of shareholders.
Meanwhile, Ping An also released its Q3 report. Over the first three quarters of 2018, Ping An achieved operating profits of 85.637 billion yuan attributable to shareholders, a year-on-year increase of 19.5%.
The net profits attributable to shareholders was 79.397 billion yuan, a rise of 19.7%.