BPPINAN@EC2810A.C (21360) News

State Taxation Administration: Taxation of offshore insurance proceeds is not a new policy; there is no need for overinterpretation.

Reports have indicated that insurance proceeds received by mainland tax residents from policies purchased in Hong Kong are subject to taxation. Citing a responsible official from the relevant department of the State Taxation Administration, Chinese state media clarified that, under the relevant provisions of the Individual Income Tax Law, Chinese tax residents are obligated to pay tax on their worldwide income, and insurance proceeds earned overseas fall within the scope of taxable income. This is not a new policy, nor is it specifically targeted at Hong Kong’s insurance market, and therefore should not be overinterpreted. The official further stated that it is standard international practice—and has been a fundamental principle upheld since the implementation of China’s Individual Income Tax Law—for individual residents to pay individual income tax on income derived from overseas sources, including insurance proceeds.

AASTOCKSAug 7 16:42

Kaiyuan Securities: Deposits shifting to the non-bank financial system, with notable increases in private equity funds and fund-of-funds (FOFs).

Valuations and institutional holdings in the non-bank financial sector remain at historical lows, and we are positive on the potential for above-market returns from securities firms and insurers in the second half of the year.

Zhitong FinanceAug 6 16:50

Hong Kong Insurer, Bank Stocks Fall After Report of China Tax on Offshore Products

WSJAug 6 15:15

Reports indicate China will impose a 20% tax on returns from offshore insurance policies.

According to Caixin, Chinese tax authorities have begun imposing a 20% personal income tax on gains from offshore insurance policies, closing a long-standing regulatory loophole. Financial services firms such as Prudential and AIA heavily rely on mainland Chinese visitors purchasing policies in Hong Kong. Citing tax lawyers and insurance industry insiders, the report states that authorities in Beijing and Hangzhou have already started enforcing measures to levy a 20% tax on returns from Hong Kong insurance policies, including dividend distributions and interest earned on prepaid premiums. Hong Kong is projected to be Prudential’s largest source of profit in 2025; in its annual results announced in March this year, the company attributed a 12% increase in new business profit from this financial hub to sales growth driven by both local clients and mainland Chinese visitors. At the time, Prudential expressed strong confidence in the sustainability of demand from mainland Chinese visitors. Jefferies noted that th

Gelonghui FinanceAug 5 21:36

Huachuang Securities: How to Navigate Earnings Volatility Amid the New Insurance Reporting Standards?

Under the OCI election, the underwriting financial gains and losses of life insurers are absorbed through the VFA policyholder share, mirroring the volatility of FVTPL asset investments.

Zhitong FinanceAug 5 09:35

Ping An (02318.HK) received a UBS Group purchase of 2.0371 million H-shares, valued at approximately HK$118 million.

As reported on August 4, according to filings disclosed by the Hong Kong Stock Exchange on the same day, UBS Group AG acquired an additional 2.0371 million H-shares of Ping An (02318.HK) on July 29 at an average price of HK$58.0475 per share, amounting to approximately HK$118 million. Following this purchase, UBS Group’s total holding in Ping An increased to 523 million shares, raising its long position from 6.99% to 7.03%. Source: HKEX Equity Ownership Disclosures What is equity ownership disclosure? Under the requirements of the Hong Kong Stock Exchange, substantial shareholders (individuals or entities holding 5% or more of a listed company’s shares) must disclose their interests in the company.

Futu NewsAug 4 17:08

ZHITONG AH Statistics | August 4

AH Statistics | August 4

Zhitong FinanceAug 4 16:15

Broker Ratings | JPMorgan: Potential upside surprises in interim dividends from Chinese insurers could reshape trading dynamics; Ping An is the top H-share pick

Gelonghui, August 3 | JPMorgan stated in a research report that Chinese insurance stocks have underperformed year-to-date, with persistent market skepticism over earnings quality, as profit growth has been largely driven by investment gains rather than core insurance operations. However, the bank expects the mid-year earnings season in mid-to-late August to serve as a potential turning point, with dividend guidance, capital deployment, and recovery in core earnings drawing more attention than overall profit growth. JPMorgan forecasts an average 15% year-over-year increase in interim dividends for the sector, with China Life’s interim dividend potentially rising by as much as 20%. The bank believes H-share insurers offer better risk-reward profiles than their A-share counterparts due to more attractive dividend yields, with Ping An as its top H-share pick, followed by

Gelonghui FinanceAug 3 13:16 · Ratings

WisdomTrend HK Short Position Holding Statistics | July 31

ZHITONG Hong Kong Short Position Holdings | July 31

Zhitong FinanceJul 31 18:30

《Major Brokerage》JPMorgan: AIA (01299.HK) Expected to Report 15% YoY Growth in First-Half New Business Value; Limited Near-Term Catalysts

JPMorgan published a report noting that AIA (01299.HK) has slightly underperformed year-to-date, with its share price down 0.3% compared to a 0.9% gain in the Hang Seng Index. The stock currently trades at 1.1 times its 2027 estimated price-to-embedded-value ratio, implying a total shareholder return yield of approximately 4%. The bank expects robust first-half 2026 results, with new business value reaching USD 3.26 billion, up 15% year-over-year, and post-tax operating profit of USD 3.97 billion, an increase of 10% year-over-year. It also forecasts an interim dividend of HK$0.54 per share, up 10% year-over-year, supported by steady balance sheet expansion and double-digit growth in both life insurance sales and cash flows.

AASTOCKSJul 31 15:24

Major Brokerage: Morgan Stanley expects Ping An Insurance (2318.HK) to report a 29% year-over-year increase in first-half net profit after tax; maintains 'Overweight' rating.

Morgan Stanley released a report expecting Ping An (02318.HK) to deliver solid first-half results, making its 0.77x price-to-book ratio for 2027 and 6% dividend yield more attractive. The firm maintained an 'Overweight' rating with a target price of HK$88. It noted that Ping An will announce its first-half results after market close on August 20. The firm forecasts an 8% increase in operating profit and a 29% rise in net profit after tax for the first half. Asset management and life insurance are expected to drive net profit growth. However, due to its relatively high exposure to high-dividend FVOCI (financial assets measured at fair value through other comprehensive income) equities, its net profit growth may lag behind some peers.

AASTOCKSJul 31 11:12

Citi: Expects Ping An's life insurance new business value to rise 10.5% year-on-year in the first half, with net profit up 29%.

Citi issued a research report stating that Ping An (02318) will announce its first-half results on August 20. It expects the life insurance segment’s new business value to increase by 10.5% year-over-year, with first-year premiums surging 30% year-over-year. Citi estimates that Ping An’s life insurance contract service margin balance rose 1.2% on a half-year basis to RMB 733.5 billion, while life insurance operating profit increased 2% year-over-year to RMB 55.5 billion. The property and casualty insurance combined ratio is expected to improve slightly to 95.1%. Supported by steady growth in core businesses and a strong rebound in asset management operations, the group’s operating profit is projected to rise 7.8% year-over-year, with an interim dividend forecasted to increase 7% year-over-year. First half

Sina Hong Kong StocksJul 31 08:26

Ping An Group Upgrades Longevity Management Service System, Unveils 11 Health Longevity Centers Nationwide

PR NewswireJul 30 18:04

Dongwu Securities: The stratified and entrenched structure of the life insurance industry will persist in the long term, with top-tier players maintaining a solid competitive advantage.

The oligopolistic barriers of leading firms will continue to strengthen, and industry concentration will remain high over the long term.

Zhitong FinanceJul 30 15:10

Express News | According to information disclosed by the Hong Kong Exchange, UBS Group's stake in Ping An's H shares increased from 6.42% to 7.04% on July 23.

BreakingsJul 29 17:03

CICC: The banking sector continues to show signs of stabilization, with overall performance in the third quarter expected to improve compared to the first half of the year.

CICC expects covered banks’ revenue and attributable net profit to grow by +6% and +4% year-over-year in 2Q26.

Zhitong FinanceJul 29 15:47

Ping An Ranks 48th on 2026 Fortune Global 500 List, Marking 17th Consecutive Year on List

PR NewswireJul 29 15:32

Citi expects Ping An (02318.HK) to report a 10.5% year-on-year increase in life insurance new business value and a 29% rise in net profit for the first half of the year.

Ping An (02318.HK) will announce its interim results on August 20. Citi expects the life insurance segment’s new business value (NBV) to grow by 10.5% year-over-year; however, due to a high base in June last year and the transition of bancassurance products, NBV is expected to decline by 4% year-over-year in the second quarter. Annualized premium equivalent (APE) is forecast to surge 30% year-over-year, while the NBV margin is anticipated to contract by 2.7 percentage points, impacted by assumption changes effective end-2025. Citi estimates Ping An’s life insurance contract service margin balance to increase by 1.2% half-on-half to RMB 733.5 billion, with life insurance operating profit rising 2% year-over-year to RMB 55.5 billion. The property & casualty combined ratio is expected to see slight improvement to

AASTOCKSJul 29 11:03

Re-entered the Fortune Global 500! Ping An's H-shares rose nearly 3%, hitting a new high since June 15.

Gelonghui, July 29 | Extending their recent strength, insurance stocks in both Hong Kong and mainland China rose against the market trend today. Ping An’s H-shares gained nearly 3% to HK$58.70, reaching their highest level since June 15; its A-shares rose nearly 1% to RMB 54.74. On the news front, on July 28, Fortune officially released its 2026 World’s 500 list. Ping An ranked 48th globally with revenue of USD 158.65 billion, placing it 10th among global financial firms. As an internationally leading integrated financial and healthcare/elderly care services group, Ping An has been included in the Fortune Global 500 for 17 consecutive years.

Gelonghui FinanceJul 29 10:18

Ping An (02318) has upgraded its longevity management service system, with 11 Ping An Health & Longevity Centers officially inaugurated nationwide.

At the press conference, Ping An Good Doctor (01833), a subsidiary of the group, announced the establishment of the Longevity Management Ecosystem Alliance and unveiled 11 Ping An Health Longevity Centers nationwide.

Zhitong FinanceJul 28 18:30