Ping An Insurance Raises $1.5 Billion From Convertible Bonds (3)

Ping An Insurance (Group) Co. of China Ltd. has sold HK$11.8 billion ($1.5 billion) in bonds that can be converted into shares listed in Hong Kong, marking the insurance giant’s second such offering in under a year.

The convertible bonds carry a zero coupon and are due in 2030, according to a company filing in Hong Kong on Wednesday and earlier deal terms seen by Bloomberg News. The insurer said it would use the proceeds to develop its core business, support new initiatives in healthcare and elderly-care, and strengthen its finances.

Last year, Ping An Insurance sold $3.5 billion in ...