Ping An's short-lived foray into global markets appears to have ended in ignominy after Fortis collapsed and was partly nationalised before the remainder was bought by French rival BNP Paribas over the weekend.
The value of Ping An's 5 per cent stake in the Belgo-Dutch financial group has fallen more than 70 per cent since the Chinese insurer paid an average price of €19 per share last year.
“The lesson Ping An learned from Fortis is a harsh one and the company is unlikely to make any overseas moves, at least in the near term,” said Dorris Chen, an analyst with BNP Paribas in China.
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