China's Ping An Is No. 2 to Berkshire Hathaway and Rising
- Ping An shares have more than doubled this year in HK trading
- Company highlights technology prowess, says stock undervalued
China Ping An building in Shanghai.
Photographer: Qilai Shen/Bloomberg
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A surge in Ping An Insurance (Group) Co.’s shares this year has made it the world’s second-largest insurer by market value behind only Berkshire Hathaway Inc. And the rally may not be done yet.
Shares of the Chinese insurer, which more than doubled this year to boost the company’s market valuation to about $210 billion, jumped on Tuesday to a new record after Chief Financial Officer Jason Yao told reporters that the firm’s technological prowess was under-rated. Ping An’s valuation has much room to increase as the company gradually spins off Internet technology units for their own listings, Yao said on Monday in Shenzhen, where the company held its investor day.