Ping An Shares Down in HK Despite Tech Investment Pledge

© Reuters. © Reuters. – China’s Ping An Insurance (HK:) plans to invest as much as $15 billion into technology research and development over the next decade, including efforts to further develop blockchain and artificial intelligence (AI) technology.

China’s largest insurer by market value already has a significant technology focus. The company spends 1% of its income in fintech and health related R&D, as much as $7 billion over the last 10 years.

The goal of the new commitment, said the company during an investor day on Thursday, is to solidify its presence in financial services.

The news did not help the company’s shares in Hong Kong on Friday. They were down 2.29% to HK$76.90 by 1:54 AM EST (6:54 GMT).

On Oct. 29, the company reported a 7% drop in profits for the third quarter of the year was CNY21.3 billion ($3.06 billion), compared to CNY22.89 billion during the same quarter in 2017.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.