(Yicai Global) Nov. 28 -- Ping An Insurance Group of China [SHA:601318, HKG:2318] and its subsidiaries have increased holdings of H-shares related to the Industrial and Commercial Bank of China (ICBC) [HKG:1398] four times this month through total investment of about USD225 million (HKD1.75 billion), resulting in the insurance giant becoming ICBC's third biggest shareholder.

Ping An most recently purchased 77.61 million H-shares in ICBC at an average price of HKD6.225 per share, bringing total shares owned in the bank to 6,947 million or 8 percent of the total.

The insurance firm previously bought 75.378 million shares at an average price of HKD6.2144 per share on Nov. 1, and 65.589 million shares at an average price of HKD6.2433 per share on Nov. 2, Ping An Life Insurance purchased.

On Nov. 6, the company bought 76.456 million H shares of ICBC through subsidiary Ping An Asset Management, at an average price of HKD6.1672 per share. 

While increasing holdings of ICBC H-shares, Ping An Group has also been shedding the bank's A shares [SHA:601398]. The group held 3,731 million ICBC A-shares through general insurance products of its affiliate Ping An Life Insurance, representing 1.05 percent, as of the end of the third quarter of 2017. This made Ping An Group the 5th biggest shareholder of ICBC A-shares. In the second quarter of this year, Ping An Life Insurance reduced holdings of ICBC's A-shares by 591 million shares.