(Yicai Global) Sep. 2 -- Chinese financial conglomerate Ping An Insurance Group bought back almost 11.4 million of its shares in a day, resulting in a total investment of CNY2.2 billion (USD340.5 million) over the past five trading days, amid a stock price slump.

The Shenzhen-based insurer spent CNY578 million (USD89.5 million) to purchase the 11.4 million shares yesterday. On that day, two senior managers additionally splurged CNY5.6 million (USD866,631) in total to increase their shareholding in the firm, the Shanghai Stock Exchange announced yesterday.

A recent whistle-blowing letter has added to Ping An Insurance's stock price decline pressures. On Aug. 31, Securities Times reported that a letter claimed Ping An Insurance's technology-as-a-service unit OneConnect has forged its financial data since 2019. The firm has denied the claim.

The capital market storm has settled for a while. Ping An Insurance's Shanghai-listed shares [SHA: 601318] climbed 0.1 percent to CNY51.55 (USD8) this afternoon. The stock price has dropped almost 40 percent this year.

The two Ping An Insurance senior managers are the chairman and a co-chief executive. Chairman Sun Jianyi bought 100,000 shares, forking out CNY5.2 million, or CNY51.58 per share on average. Co-CEO Xie Yonglin raised his holdings by 9,800 shares, spending CNY508,200 (USD78,648).

Ping An Insurance has poured more than CNY2.2 billion into four stock repurchases in less than a week, following its earlier plan.

On Aug. 27, the firm spent CNY29.4 million (USD4.5 million) on 570,000 shares. On Aug. 30, it added almost 12.8 million shares for CNY647 million. On Aug. 31, another purchase of 19.9 million shares followed with CNY982 million burned.

The company said on Aug. 27 that it will buy back from CNY5 billion to CNY10 billion worth of its stock, paying up to CNY82.56 apiece.

Editor: Emmi Laine, Xiao Yi