PING An Insurance (Group) Co, China's second-largest insurer, said it won't apply for approval to offer yuan-denominated shares for at least six months because of "volatile" conditions in the nation's capital markets.

"The timing and condition for making the application in relation to the re-financing plan is not yet mature," the Shenzhen, south China-based company said in a statement to the Hong Kong stock exchange yesterday. The move may help the Chinese insurer, part-owned by HSBC Holdings, allay investor concern that the issue of new shares would dilute earnings.