Ping An plans to issue $5 billion in bonds, completion expected in weeks.

According to two individuals familiar with the matter,Singapore foreign exchange trading China Ping An Insurance is considering issuing convertible bonds worth up to $5 billion.

One of the sources stated that the bond issuance could raise between $2 billion to $5 billion. The transaction is expected to be completed within the next few weeks, the sources added.

As the information is confidential, they requested anonymity.

In a Hong Kong Stock Exchange announcement on Wednesday, Ping An stated that it had received shareholder approval to issue debt at any time within the next three years.

In the regulatory filing, the company stated: "The company will decide on any financing matters within the scope authorized by the annual general meeting, based on the principle of maximizing shareholders' interests and according to business development and capital plans."

The announcement did not explicitly state whether convertible bonds are currently being considered for issuance.

If Ping An issues convertible bonds, it will continue the recent trend led by Chinese companies, with Alibaba Group raising $5 billion in May.

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