Ping An Insurance stock slammed after US$11 billion plan to reorganise assets of bankrupt Peking University Founder group

China has turned to the nation’s biggest insurance group and state-owned enterprises owned by two municipal governments in a 73.3 billion yuan (US$11.3 billion) deal to restructure the assets of bankrupt Peking University Founder Group.Ping An Insurance (Group) and Huafa Group owned by the Zhuhai municipal government will take up a combined 73 per cent stake in a company called New Founder Group, according to stock exchange filings. Ping An Insurance said its life-insurance arm will pay as much…

Ping An Insurance stock slammed after US$11 billion plan to reorganise assets of bankrupt Peking University Founder group
China has turned to the nation’s biggest insurance group and state-owned enterprises owned by two municipal governments in a 73.3 billion yuan (US$11.3 billion) deal to restructure the assets of bankrupt Peking University Founder Group.Ping An Insurance (Group) and Huafa Group owned by the Zhuhai municipal government will take up a combined 73 per cent stake in a company called New Founder Group, according to stock exchange filings. Ping An Insurance said its life-insurance arm will pay as much…