I'm also looking for a chance to buy a put on Ping An..
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China's Ping An to go ahead with massive share sale despite jitters
China's Ping An Insurance will go ahead with a massive share sale in Shanghai, state media said Thursday, even though reports of the firm's plans have contributed to recent jitters in the stock market.
Ping An said in January it would sell 1.2 billion yuan-denominated A shares and 41.2 billion yuan (5.9 billion dollars) of convertible bonds with warrants, triggering widespread criticism for its large impact on liquidity.
A report in the state media Wednesday suggested the company might seek to dilute the impact on the market by issuing shares not just in Shanghai but also in Hong Kong.
However, company spokesman Sheng Ruisheng denied this, saying Ping An would issue the new shares only in Shanghai, according to Thursday's China Securities Journal.
Investors have worried that an already weak stock market may not be able to absorb such a massive inflow of new equity, and it has been partially blamed for a deep correction in Ping An's shares and the overall market.
Speculation of Ping An pushing ahead with the fund-raising plan were badly received by investors, as its A shares tumbled 8.07 percent to 62.08 yuan and Hong Kong-listed shares fell 4.57 percent to 72.0 Hong Kong dollar (9.2 US dollars).