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<Research>JPM: Ping An Still Has Room to Add Stakes in CN Banks; ABC/ PSBC/ CM BANK May Outpace Mkt
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As indicated by data from the Hong Kong Stock Exchange, the southbound ownership for banks with dual listings in the A- and H-share markets increased by 0.8 ppts in December 2024 and has risen by 2 ppts YTD, with ABC (01288.HK), CM BANK (03968.HK), and ICBC (01398.HK) the key beneficiary that may outpace the market, according to a report from JPMorgan. JPMorgan also found that since December 2024, PING AN (02318.HK) has contributed over 50% of the southbound flow to ICBC, ABC, CM BANK, and PSBC (01658.HK); Ping An Insurance holds more than 5% of the H-shares in ICBC, CCB (00939.HK), ABC, CM BANK, and PSBC; and Ping An Insurance's combined A- and H-shareholding ratios in ICBC and CCB are 4.6% and 4.8% respectively. If Ping An Insurance plans to add its shareholding ratio to 5% or more, regulatory approval is required. JPMorgan believes that Ping An Insurance still has room to increase its equity investments, as it has the lowest ratio of risk assets to book value in the Chinese insurance sector. AAStocks Financial News |
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