Lehman Brothers bankruptcy, the loan-to-meeting came tumbling domino collapse of the "Wall Street of the tsunami," the rapid spread AIG (American International Group), Merrill Lynch, Goldman Sachs and global financial institutions such as the Moroccan stock market a crane Li, China's A shares is no exception .
Ping An of China to become Taibao 16 after a second below the issue price of insurance stocks, 17, after China Life is also below its IPO price.
Although the Chinese government for emergency rescue the market, several bursts of 2 token good - the central bank to reduce bad loans, the Ministry of Finance unilateral imposition of stamp duty, the stock rose only 2 days, 3 days once again divide concussion. September 23, China Ping An of 4.02 percent callback, China Pacific Insurance had callbacks 4.23 percent, China Life has been back 0.39 percent. Sept. 25, insurance stocks rose to restore momentum. In this regard, the insurance industry are generally of the view that this year will be the most difficult year for insurance companies, but by Lehman limited direct impact on events.
A conduction path:
Lehman Fortis Ping An of China
But the indirect impact is enough to worry investors, Ping An of China's reaction on the stock price sensitive. Sept. 16-18 3 days time, its share price fell to 40.28 yuan from 30.66 yuan, 18, even after dropping as low to 30.20 yuan. "This investment with Fortis have a huge amount of Fukui's not unrelated." Orient Securities analyst Wang Xiaogang insurance point of view generally accepted by the industry. According to the Fortis on September 15 issued a notice, the holders of bonds Lehman Brothers 137,000,000 euros, the reverse repurchase transactions 270,000,000 euros, CDS transactions arising from the loss of 7,000,000 euros. Affected by this, Fortis share prices fell sharply. According to Ping An of China Center Daily News in 2008 revealed that the holders of Fortis Group 10529.18 million shares, accounting for 4.6 percent stake in Fortis, the initial investment amount of 21.7 billion. According to another September 24 Fortis (FOR B) closing price of 7.265 euros calculation, the part of the shares of the market value of only about 7.7 billion in the investment, China has reached safely Fukui 14,000,000,000 yuan.
It is clear that Lehman bankruptcy, people are worried that foreign investment bank's financial security, the domestic insurance industry will be affected directly. "China and Bulgaria have just met to discuss the matter, we believe that the direct impact of not fully apparent, is still mainly an indirect impact." Taiping Asset Management 23 people told reporters that "the most direct impact on the market through to Impact on insurance stocks. "
The insurance companies have listed a few days ago that the public does not hold Lehman and related bonds, including 3 of the A-share listed insurance companies - China Ping An, China Life, China Pacific Insurance 2 and H shares listed on the insurance companies -- - PICC Property Insurance, China Insurance International. Experts believe that this is closely related to their QDII quota, China Life, China Pacific Insurance and Ping An of China's QDII quotas are on total assets at the end of the line of 2%, 15% and 0%.
"At present, a large number of direct overseas bonds held by insurance organizations, no." Taiping Asset Management who told reporters that "Moreover, in order to prevent risks, insurance companies will not focus on a single investment product." It is reported that China Life's overseas investment Is its foreign currency assets into foreign exchange investment, China Ping An's Hong Kong equity funds for investment.
"Intertwined with both internal and external markets, investor psychology is very fragile peace in the short term after the break down and seek support." Country of the Securities analyst Kim Sheu said. The evening of Sept. 18, the unilateral imposition of stamp duty on the introduction of the policy, the market interpreted as the stock market down to save a clear signal, A shares will then depart on the 19th to open high-high-go, even insurance stocks also closed limit 2. But not last, 23, once again began to fall into a state adjustment.
Orient Securities that Wang Xiaogang, insurance shares in the future, following the trend to see whether the market, "followed by European financial system is a smooth development of the sub-loan crisis in the United States, as well as the development of the situation, the insurance sector are to be pressure."
Second conduction path:
Chinese banks, insurance companies Lehman
The central bank adopted a "dual-rate" policy down a combination of boxing, insurance industry analysts generally agreed that "a bit more negative impact on the insurance industry."
Securities and investment in Thu Duc Xu pointed out that as a result of China's Ping An Insurance Companies represented almost no configuration overseas bonds, the Lehman Brothers insolvency of insurance companies will not have a direct impact on the bond assets, but taking into account the part of banks to buy bonds, as well as a number of Lehman Overseas bonds in the global economic outlook not optimistic expectations, the stock assets of insurance companies, especially banks, may face substantially reduced.
CICC researcher Zhou also believes that this asymmetric cut interest rates so that the spread narrowed so that the bank stocks were hit for a large number of bank shares held by the Life Insurance Company, its equity investment income will be further deteriorated.
Public information, as of the end of Aug, safely held by the Chinese banking stocks were the development of deep-A stock for shares 10924.31, 2586.20 million shares held by CITIC Bank, Shanghai Pudong Development Bank have to be 25287.85 million shares, Minsheng Bank to hold 92820.00 Million shares.
It is learned that the involvement of the Bank of China's stock market crash, Lehman bankruptcy within 3 days, China Life's investment income from Fukui losses as high as 11 billion dollars. Wind data show that China Life shares held by Bank 460,000,000 shares held by Industrial and Commercial Bank of 870,000,000 shares of stock.
A few days ago a number of domestic listed banks to disclose its holdings of Lehman Brothers related to the amount of bonds, according to the summary, bonds amounted to 722,000,000 U.S. dollars, of which Lehman bonds held by China Construction Bank listed on the bank balance of home first, to 191,000,000 U.S. dollars, followed by Bank of China is holding the balance of 152,000,000 U.S. dollars bond, in addition to the Industrial and Commercial Bank, China Merchants Bank, Industrial Bank, Bank of Communications, CITIC Bank, Shenzhen Development Bank and Minsheng Bank to varying degrees are held by Lehman bonds, which fall into emerging market banks The direct fuse.
Another analyst said that the fear of descending into the cycle of the national economy and low interest rate loan, the bank may have Xidai, will be a lot of money on asset allocation to bonds, leading to higher bond prices and bond yields will be more Lower.
Loan-to-time impact Rengshi Mi
However, despite the deterioration of the environment, a lot of concern, analysts did not lose confidence in the insurance industry.
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