Ping An Insurance (Group) Company of China is seeking to invest up to $3.1 billion in its majority-owned banking unit, The Wall Street Journal reports. Shenzhen Development Bank will sell about 1.19 billion shares at $2.63 per unit. The company recently also raised its stake in the Shenzhen-headquartered bank to 52% from 30% in a transaction valued at $4.5 billion. The insurer raised $2.5 billion from a company controlled by Hong Kong tycoon Cheng Yu-tung in June. It will use these proceeds to shore up the Shenzhen lender’s capital base.
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