Alibaba founder Jack Ma and Pony Ma, founder of Tencent Holding have purchased shares in large China insurer Ping An. According to a report in the FT (subscription), the pair participated in a private placement by Ping An where the company raised $4.7 billion this past Sunday. Ping An, a privately owned firm, also controls the Ping An Bank. Lufax, one of the largest China based peer to peer lending companies, is part of the Ping An portfolio of companies.
The FT describes Ping An as “among China’s most aggressive groups in pursuing internet finance ventures”.
Quoted in the report is analyst Li Jun who stated on the company;
“Ping An has been actively trying to shift its business model towards internet finance. And the other two have been looking to build up more brick and mortar businesses to support the expansion of their internet ventures. Those two can offer access to their huge user bases and marketing channels, while Ping An can provide products and funding support.”
China is the largest peer to peer market in the world. Ping An has access to over 80 million customers via their diverse range of offerings including insurance, banking, investment, comprehensive and personalized financial products.