---
endpoint: analytics
pattern: Insurance
status: done
latency_ms: 138833
conversation_id: ebb11a2a-76dd-4a18-b9c9-146363b15ea5
citations: 5
created: 2026-05-31 20:15:02Z
---

# Who are the key shareholders of Ping An?

# Key Shareholders of Ping An Insurance (Group) Company of China, Ltd. (2318 HK / 601318 CH)

Ping An's shareholding structure is **highly dispersed** — the company explicitly states that there is **neither a controlling shareholder nor a de facto controlling party** [4]. Below is the latest top-10 register, sourced from Ping An's own Q1 2026 disclosure (data as of 31 March 2026), with cross-references to the 1H 2025 interim report.

## Total Share Capital (as of 31 March 2026)

- **Total shares**: 18,107,641,995
  - A shares: 10,660,065,083
  - H shares: 7,447,576,912
- **Total shareholders**: 685,133 (681,091 A-share holders, 4,042 H-share holders) [1]

## Top 10 Shareholders — As of 31 March 2026 [1]

| Rank | Shareholder | Nature | Stake (%) | Shares Held | Share Type |
|------|-------------|--------|-----------|-------------|------------|
| 1 | **HKSCC Nominees Limited** (nominee for non-registered H shareholders) | Overseas legal person | **36.20%** | 6,554,180,667 | H |
| 2 | **Shenzhen Investment Holdings Co., Ltd.** | State-owned legal person | **5.32%** | 962,719,102 | A |
| 3 | **Long-term Service Plan of Ping An Insurance** (employee plan) | Others | **3.32%** | 601,767,874 | A & H |
| 4 | **Hong Kong Securities Clearing Company Ltd.** (Stock Connect Northbound) | Others | **2.79%** | 504,890,029 | A |
| 5 | **Central Huijin Asset Management Ltd.** | State-owned legal person | **2.60%** | 470,302,252 | A |
| 6 | **Business Fortune Holdings Ltd.** (CP Group subsidiary) | Overseas legal person | **2.54%** | 459,466,189 | H |
| 7 | **ICBC Credit Suisse AM – ABC – ICBC Credit Suisse AM Plan of China Securities Finance Corp** | Others | **2.08%** | 376,304,384 | A |

(Ranks 8–10 are listed in the source filing but were truncated in the retrieved chunk.)

## Substantive (≥5%) Beneficial Holders

Looking through the nominee/clearing structures to the real economic owners, Ping An effectively has **two beneficial shareholders above the 5% disclosure threshold**:

1. **Charoen Pokphand Group (CP Group Ltd.)** — Thailand's largest conglomerate, controlled by the Chearavanont family. CP Group indirectly held **964,427,077 H shares, ≈5.33%** of total share capital as of 31 March 2026, through Business Fortune Holdings Ltd. and other subsidiaries [2]. Business Fortune Holdings Ltd. is explicitly described as "an indirect wholly-owned subsidiary of Charoen Pokphand Group Co., Ltd." [3]. CP Group's CP stake is partially pledged — 385,136,584 of the Business Fortune shares are pledged [1].

2. **Shenzhen Investment Holdings Co., Ltd.** — a wholly state-owned investment holding company under the Shenzhen Municipal SASAC. Held **962,719,102 A shares, ≈5.29%** of total share capital (5.32% at Q1 2026) [1][2].

## Other Notable Stakeholders

- **Long-term Service Plan (LTSP)** — Ping An's employee long-term incentive vehicle, with over 160,000 employees having cumulatively participated. Owned 189,703,374 A shares + 412,064,500 H shares as of 31 March 2026, total ~3.32% [3][5]. This is a significant strategic alignment vehicle, not an external investor.
- **Central Huijin Asset Management** — the Chinese sovereign holding vehicle (subsidiary of China Investment Corporation / SAFE-linked) — holds 2.60% of A shares [1]. This is a direct PRC sovereign stake, though below the 5% disclosure threshold.
- **HKSCC Nominees Limited (36.20%)** is *not* a beneficial holder — it is the custodian/nominee for all non-registered H-share holders (i.e., the public free float on the Hong Kong Stock Exchange). The 36.20% figure represents the broad H-share free float, including international institutional investors holding through HK custody.
- **Hong Kong Securities Clearing Company Ltd. (2.79%)** represents A shares held by non-registered Northbound Stock Connect investors (mainland market access for offshore investors).

## Key Takeaways

- **No controlling shareholder, no de facto controller** — confirmed in the 1H 2025 report [4]; structurally dispersed.
- **CP Group (Thailand) is the largest identifiable strategic shareholder** at ~5.33%, a position dating back to its 2012 acquisition of HSBC's Ping An stake.
- **Shenzhen Investment Holdings (Shenzhen SASAC)** is the largest domestic strategic shareholder at ~5.29%, reflecting Ping An's roots in Shekou/Shenzhen.
- **State-linked holdings combined** (Shenzhen Investment Holdings 5.32% + Central Huijin 2.60% + ICBC Credit Suisse plans 2.08%) total roughly 10% — meaningful but well short of state control.
- **Ping An's employee LTSP holds 3.32%**, aligning employee incentives with shareholder returns.
- The remainder is held by a broad base of institutional and retail investors through HKSCC nominees and Stock Connect channels.

## Notes on the Internal Research Library (CLSA)

Ping An is covered by CLSA's China/HK insurance team (most recently transferred to Ding Luo in May 2025, previously Mindy Gao). The CLSA "Transfer of coverage" notes I checked (607958951, 607953670) are administrative coverage-transfer announcements with ratings/target prices only — they do **not** contain shareholder-register detail. The data above is therefore sourced from Ping An's own regulatory filings (HKEX/SSE interim reports) via the external transcript/filing search, which is the appropriate primary source for shareholder registries.

---

**Sources**
[1] Ping An Insurance (Group) Q1 2026 Report — Top 10 Shareholders table (as of 31 March 2026)
[2] Ping An Insurance (Group) Q1 2026 Report — Shareholders holding ≥5% equity interest, notes on CP Group total stake
[3] Ping An Insurance (Group) Q1 2026 Report — Notes on Business Fortune Holdings / CP Group ownership structure and LTSP
[4] Ping An Insurance (Group) 1H 2025 Interim Report — Controlling Shareholder and De Facto Controlling Party disclosure
[5] Ping An Insurance (Group) 1H 2025 Interim Report — Top 10 Shareholders (June 30, 2025 snapshot)

## Citations

- [1] **Ping An Insurance (Group) Company of China, Ltd., Q1 2026 Report** · external
- [2] **Ping An Insurance (Group) Company of China, Ltd., Q1 2026 Report** · external
- [3] **Ping An Insurance (Group) Company of China, Ltd., Q1 2026 Report** · external
- [4] **ir324664-e101.pdf** · external
- [5] **ir324664-e101.pdf** · external

