(Corrects first paragraph to make clear CFO was referring to Ping An’s overseas investments and not specifically to M&As, changes headline to reflect the same)
Dec 9 (Reuters) - Ping An Insurance Group Co of China Ltd , the country’s second-largest insurer, has seen some of its overseas investments impacted by Beijing’s measures to stem capital outflows, its group chief financial officer (CFO) said on Friday.
After facing difficulties to convert yuan into foreign currencies and shifting capital offshore, Ping An is seeking to raise debt capital in overseas markets in a bid to overcome the funding issues, CFO Jason Yao said.
Ping An plans to sell U.S. dollar-denominated bonds and borrow from overseas banks to finance its outbound deals, Yao added.
“The Chinese government’s move to tighten capital outflows has an impact on Ping An in the short-term, as it has become more difficult to conduct foreign exchange transactions,” Yao said. (Writing by Denny Thomas; Editing by Muralikumar Anantharaman)