China’s Ping An Insurance (Group) Co. has long argued it should be treated like a high-growth technology company instead of a seller of life policies. After a $90 billion plunge in its market value, it’s now priced more like a property developer at a time when the country’s real estate sector is out of favor.
This year’s 40% stock dive has cut its price-to-earnings ratio to just above 6, slightly more than the Shanghai Stock Exchange Property Index’s multiple of 5.7 and a far cry from the 20-plus commanded by insurance peers Berkshire Hathaway Inc. and AIA Group Ltd. That’s been fueled by a botched real estate investment, Beijing’s technology crackdown that hit the value of its spinoffs and a slumping life business.
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October 13, 2021 at 04:00AM
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Ping An's $90 Billion Fall Grounds One-Time China High Flyer - Bloomberg
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