Shares of Ping An Insurance Group Co. surged as much as 14.76% on Tuesday after news emerged that JPMorgan Chase & Co. had increased its long position in the Chinese insurer's Hong Kong-listed shares to 8.28%.
According to a filing on the Hong Kong stock exchange, JPMorgan disclosed on October 2nd that it had raised its stake in Ping An's H-shares to 8.28% as of September 26th, up from a previous holding of 7.74%.
The move by the major U.S. investment bank to boost its holding signals increased confidence in Ping An's prospects. It comes as the Chinese financial services giant has been expanding its technological capabilities and fintech offerings amid efforts to diversify its business lines.
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