Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to blockchain will work.
The insurance and financial firm, which still makes the bulk of its money selling old-school life, health and property and casualty policies, has pinned much upon being able to hand rear, and then spin off, tech unicorns. Investors shouldn’t be “over excited” about Ping An’s technology push, said Leon Qi, who covers financial companies at Daiwa Capital Markets Hong Kong Ltd. The progress of spinning off tech unicorns is below expectations, he said. At HK$88 a share, Qi has the lowest target price for Ping An among analysts tracked by Bloomberg. The stock closed Wednesday at HK$93.90. Such skepticism doesn’t sit well with Co-Chief Executive Officer Lee Yuan Siong.
https://www.insurancejournal.com/news/international/2019/10/24/546474.htm
