Ping An to lead $11.3bn restructuring of Peking U's corporate empire

With rescue, Chinese insurance group seeks to enhance its 'reputation'

20210501 Ping An logo

Ping An Insurance Group expects a reputational windfall from taking part in a high-profile restructuring of a state conglomerate run by the country's top university. © Reuters

KENJI KAWASE, Nikkei Asia chief business news correspondent

HONG KONG -- Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China's top university.

Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy proceeding since February 2020.

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