AIA: Concerns Over China Tax on Offshore Policies Overblown; HKD 104 Fair Value Estimate Unchanged
AIA's shares fell 6% on Aug. 6 after media reports claimed that China's tax bureaus had begun enforcing a 20% personal income tax, or PIT, on gains from offshore insurance policies, including dividends and interest earned on prepaid premiums, with retrospective application to 2019.