Latest news with #PingAn
Korea Herald
2 days ago
- Business
- Korea Herald
Ping An Appoints AI Expert Ray Wang as Chief Technology Officer to Accelerate Comprehensive Digital Transformation
HONG KONG and SHANGHAI, July 29, 2025 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) has announced the appointment of Mr. Ray Wang as the Group's Chief Technology Officer (CTO) and General Manager of Ping An Technology. The appointment of Ray Wang will significantly enhance the Company's research and development (R&D) and application capabilities in artificial intelligence (AI). His leadership is expected to drive the deep integration of Ping An's self-developed large language models and open-source big data platforms, accelerating the establishment of five key digital systems "digital business, digital operations, digital management, digital marketing, and digital services." This move aims to inject strong momentum into the Company's technology-enabled "integrated finance + health and senior care" dual-driver strategy, further advancing its comprehensive digital transformation. Ray Wang holds a master's degree in computer science from the National University of Singapore. Prior to joining Ping An, he held senior technical management roles at globally renowned companies such as Google and Bloomberg. In 2015, Wang became Chief Architect at Baidu, where he spearheaded the development of Baidu Wallet and financial services. In 2016, he joined Ant Group, serving as Vice President and CTO of Ant Fortune and Ant Insurance. At Ant Group, he led innovations in digital finance and AI, managing technical and research teams across wealth management, insurance, consumer finance, MYbank, and Zhima Credit. He launched pioneering generative AI products such as AI financial assistant and AI financial business assistant. With nearly 20 years of experience in the "finance + technology" sector, Wang brings extensive expertise in the digital transformation of financial services, the development and application of financial large models, top-tier technical skills, and exceptional innovation capabilities. In recent years, Ping An has been oriented by customer needs, focusing on empowering business scenarios as its core strategy. Ping An has continuously invests in R&D to build leading technological capabilities, which have been widely utilized to enable its core financial businesses and accelerate the development of its "integrated finance + health and senior care" ecosystem. This strengthened Ping An's internal smart application of business scenarios, while promoting the digital transformation of the industry as a whole. The Company has built a "953" technology foundation backed by the data of nine major databases, technical support from the five laboratories, and development and application services of the three technology companies, which creating an AI moat. As of the end of 2024, Ping An has a first-class technology team of over 21,000 technology developers and more than 3,000 scientists. As of March 31, 2025, Ping An cumulatively won 45 championships in domestic and overseas AI competitions and cumulatively filed 55,435 patent applications, leading most international financial institutions. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its nearly 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 27 th in the Forbes Global 2000 list in 2025 and 47 th in the Fortune Global 500 list in 2025.
RTHK
3 days ago
- Business
- RTHK
Insurance fillip for HK stocks amid mainland gains
Insurance fillip for HK stocks amid mainland gains The Hang Seng Index closed 173 points, or 0.68 percent, up at 25,562 on Monday. File photo: RTHK Mainland China stocks extended their five-week rally on Monday, with the rare earth sector climbing to a three-year high ahead of crucial trade talks with the United States, while insurers gained following an industry policy change that boosted sentiment. In Hong Kong, the benchmark Hang Seng Index ended up 173 points, or 0.68 percent, at 25,562. The Hang Seng China Enterprises Index rose 0.29 percent to end at 9,17 while the Hang Seng Tech Index fell 0.24 percent to close at 5,664. Insurers AIA, Ping An and China Life gained between 2 percent and 4.9 percent. However, the tech index lost 0.2 percent. Up north, the benchmark Shanghai Composite Index rose 0.12 percent to 3,597, hovering near the highest level in three-and-a-half years while the Shenzhen Component Index closed 0.44 percent higher at 11,217. The combined turnover of these two indexes stood at about 1.74 trillion yuan, down from 1.79 trillion yuan on Friday. Stocks related to copper clad laminate and printed circuit board led gains, while stocks related to coal and antimony suffered major losses. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, increased 0.96 percent to close at 2,362. The Sino-US trade talks will likely see the trade truce extended by three months, preventing the implementation of higher tariffs, according to analysts. The insurance sector added nearly 3 percent to rank among the best performers onshore, after the industry body cut the reference rate for life insurance products. "Investor concerns on U.S.-China trade frictions appear to have eased," Kinger Lau, chief China equity strategist at Goldman Sachs, said in a note. "A potential US-China trade deal could be a market-clearing event for Chinese stocks." (Reuters/Xinhua)
Business Recorder
4 days ago
- Business
- Business Recorder
China stocks cool after 5-week rally as investors eye US trade talk progress
HONG KONG: China stocks pulled back from a five-week rally on Monday, as investors looked beyond Beijing's efforts to curb competition and overcapacity, instead focussing on U.S. trade talk progress, while Hong Kong stocks rose, driven by insurers' rally. At the midday break, the Shanghai Composite index fell 0.2% to 3,587.69 points after climbing for five straight weeks to a 3-1/2-year high. China's blue-chip CSI300 index shed 0.2%. Commodity-related companies pared last week's rally spurred by Beijing's 'anti-involution' campaign, with indexes tracking steel and coal sectors losing 1.7% and 2.9%, respectively, to weigh on the markets. Beijing launched an 'anti-involution' campaign this month to tackle 'disorderly price competition,' or overcapacity, amid persistent deflationary pressure at home and trade curbs abroad. Insurers added 2.4% to rank among the best performers after the industry body cut the reference rate for life insurance products. Top U.S. and Chinese economic officials will resume talks in Stockholm later in the day, likely extending their trade truce by three months and preventing the implementation of higher tariffs. CITIC Securities says the recent onshore bullish run is mostly liquidity-driven, and whether it can become a longer-lasting bull market will depend on actual improvements in economic fundamentals. Hong Kong's benchmark Hang Seng Index rose 0.4% to 25,490.45 and continued to hover near the highest since November 2021. Insurers AIA, Ping An and China Life gained between 3.2% and 4.5%. However, the tech index lost 0.6%.
Yahoo
4 days ago
- Business
- Yahoo
Lufax Holding (LU) Up on 4th Day After NPL Sale Strategy
We recently published . Lufax Holding Ltd. (NYSE:LU) is one of the best-performing stocks on Thursday. Lufax Holdings extended its winning streak to a fourth straight day on Thursday, jumping 5.68 percent to close at $3.35 apiece as investor sentiment was bolstered by the company's asset sale strategy to rid itself of non-performing loans. Earlier this week, Lufax Holding Ltd. (NYSE:LU), through its subsidiary Ping An Consumer Finance, entered into an asset transfer agreement with Shenzhen China Merchants Ping An Asset Management for the sale of 469 million yuan worth of non-performing debts for a consideration of 36.44 million yuan. The transfer of claims will effectively reduce the credit risk for Lufax Holding Ltd. (NYSE:LU), which announced earlier this year that it was able to narrow its total outstanding loans by 18 percent to 193.4 billion yuan from 235.2 billion yuan previously. Lufax Holding Ltd. (NYSE:LU) is a dual-listed financial services company based in China, whose trading remains suspended on the Hong Kong Stock Exchange pending regulatory issues. While we acknowledge the potential of LU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Effettua l'accesso per consultare il tuo portafoglio
Yahoo
5 days ago
- Business
- Yahoo
Lufax (LU) Falls 12% on Lack of Fresh Leads
We recently published . Lufax Holding Ltd (NYSE:LU) is one of the worst-performing stocks on Friday. Lufax Holding fell by 12.24 percent on Friday to close at $2.94 apiece as investors sold off positions while waiting for fresh catalysts to boost buying appetite. In recent news, Lufax Holding Ltd (NYSE:LU) entered into an agreement with Shenzhen China Merchants Ping An Asset Management for the sale of 469 million yuan worth of non-performing debts for a consideration of 36.44 million yuan. The transaction was made through Lufax Holding Ltd's (NYSE:LU) subsidiary Ping An Consumer Finance. The transaction will effectively rid Lufax Holding Ltd (NYSE:LU) of its hefty non-performing loans and help reduce its credit risk. Lufax Holding Ltd. (NYSE:LU) is a dual-listed financial services company based in China, whose trading remains suspended on the Hong Kong Stock Exchange pending regulatory issues. While we acknowledge the potential of LU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
