China's Ping An Insurance files for dual counter trading on Hong Kong exchange
FILE PHOTO: The logo of Ping An Insurance is seen at the Global Mobile Internet Conference (GMIC) at the National Convention Center in Beijing, China April 27, 2018. Picture taken April 27, 2018. REUTERS/Damir Sagolj
Ping An Insurance Group Co of China Ltd, the country's largest insurer by market value, said on Thursday (Apr 6) it has applied to the Hong Kong Stock Exchange for a dual currency counter.
The addition of a Renminbi counter will enable investors to trade the company's shares in the yuan, in addition to the Hong Kong dollar.
The move follows similar dual-counter applications made by a number of major companies including insurer AIA Group and Tencent, among others.
Late last year, the Hong Kong Stock Exchange said it would introduce a new dual counter trading model from the first half of 2023 where investors would be able to interchange securities listed in both Hong Kong dollars and renminbi counters.
The measures are the latest in a series of undertakings to aid a growing number of US-listed Chinese firms conducting primary or secondary listings in Hong Kong to mitigate the impact of possible delistings in the United States.
"The dual counter model will offer a new choice of trading currency and the opportunity to potentially tap into more liquidity for the shareholders of the Company and potential investors," Ping An Insurance said in an exchange filing.
