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Thomas Monaco, Managing Director, Mizuho Securities says that China's new rules to open up its insurance sector is good news for the sector as it will lead to more diversification.
SHANGHAI, Oct 10- China's major insurance companies increased their combined stock holdings by more than 10 billion yuan over the last three trading days and will continue buying equities, the official Shanghai Securities News said on Wednesday.
HONG KONG, Oct 9- Chinese asset management firm Harvest Global Investments will launch its exchange-traded fund denominated in yuan at the Hong Kong Stock Exchange on Friday, the first listed financial product to be traded in both yuan and the Hong Kong dollar.
China stocks are set to continue to rise after infrastructure stocks propelled the benchmark Shanghai Composite higher by 1.19 percent to end 2361.37 on Monday.
Ping An Insurance, the world's second-biggest life insurer by market value, said on Tuesday it plans to raise up to 26 billion yuan ($4.1 billion) by selling convertible bonds to replenish capital amid economic uncertainty.
Ping An Insurance (Group) Co of China has obtained regulatory clearance to invest in private equity and real estate, the official Shanghai Securities News reported on Wednesday.
Ping An Insurance, China's No. 2 insurer, said on Friday it was not concerned about a plan by Britain's Prudential to buy the Asia assets of U.S. insurer AIG, the market leader among foreign insurers in China.
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