China’s Ping An Insurance eyeing stake in Shanghai Jahwa

PING AN INSURANCE (GROUP) OF CHINA (SEHK:02318; SSE:601318) may purchase part of the equity in SHANGHAI JAHWA UNITED CO. (SSE:600315), according to China Business News report on Thursday. The report failed to disclose Ping An’s equity purchase scale, but said that Ping An may pay 40 yuan (US$6) for a share, higher than the 37.13 yuan share closing price on Dec. 3.

* Shanghai Jahwa suspended trading as from Dec. 6, saying that its parent Shanghai Jahwa Group is considering a major assets reorganization plan.

* Jahwa Group has 39 per cent or 165 million of the shares in Shanghai Jahwa United.