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Telstra sells 6.5% stake in Autohome to Chinese insurer Ping An
AUSTRALIA-BASED Telstra has sold its remaining 6.5 per cent interest in Chinese online business Autohome to Ping An Insurance Group for US$217 million.
The divestment reflects how Ping An is now well established as a strategic partner for Autohome, the telco said in a filing to the Singapore Exchange (SGX).
The sale price of US$29.30 per share is in line with Autohome's volume weighted average price over the past 60 days, with Autohome recently trading at its highest levels in the past 12 months.
As a result of the sale, Telstra's nominee director to the Autohome board has resigned.