PICC Property and Casualty Company Limited (PPCCY)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
PICC Property and Casualty Company Limited (PPCCY) trades at $45.99 with AI Score 50/100 (Grade B). PICC Property and Casualty Company Limited is a major Chinese insurer offering a comprehensive suite of property and casualty products. Market cap: $40.92B, Sector: Financial services.
Price live · AI analysis from Jun 15, 2026Analyst Coverage for PPCCY: PPCCY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates PPCCY against Financial Services peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
PPCCY: the 1 perspectives are evenly split.
How is this calculated? →PICC Property and Casualty Company Limited (PPCCY) Financial Services Profile
PICC Property and Casualty Company Limited (PPCCY) is a leading Chinese property and casualty insurer, a subsidiary of The People's Insurance Company (Group) of China Limited. It offers a broad spectrum of insurance products, including motor vehicle, commercial property, and agricultural coverage, primarily serving the vast market within the People's Republic of China.
What Is the Investment Thesis for PPCCY?
PICC Property and Casualty Company Limited (PPCCY) presents a compelling investment case rooted in its established market leadership within China's expansive property and casualty insurance sector and its robust financial profile. With a substantial market capitalization of $40.92B and a P/E ratio of 7.2, the company demonstrates significant scale and potentially attractive valuation metrics relative to its earnings. A strong dividend yield of 4.05% further enhances its appeal for income-focused investors. The company's profitability is evidenced by a 7.6% profit margin, while its 100.0% gross margin reflects the nature of premium-based revenue in the insurance industry. Key growth catalysts include the ongoing economic development and rising disposable incomes in China, which are expected to fuel demand across its diverse insurance segments, particularly in motor vehicle, health, and agricultural insurance. The company's extensive distribution network and brand recognition, backed by its parent group, provide a durable competitive advantage. However, investors must consider potential risks such as evolving regulatory landscapes within China, which could impact operational flexibility and profitability, and geopolitical factors that may affect Chinese companies trading on foreign exchanges. The company's Beta of 0.12 suggests relatively low volatility compared to the broader market, offering a degree of stability amidst these considerations.
Based on FMP financials and quantitative analysis
PPCCY Key Highlights
- A market capitalization of $40.92B underscores PICC Property and Casualty Company Limited's substantial scale and influence within the Chinese insurance market.
- The company maintains a P/E ratio of 7.2, which may suggest a potentially undervalued position or reflects a mature operational profile within the financial services sector.
- PICC Property and Casualty Company Limited offers a dividend yield of 4.05%, providing a significant income component for shareholders.
- A profit margin of 7.6% indicates the company's ability to generate healthy earnings from its insurance and related services, showcasing operational efficiency.
- The gross margin of 100.0% is characteristic of the insurance industry, where premium income is recognized as revenue without a direct 'cost of goods sold' in the traditional sense.
Who Are PPCCY's Competitors?
PPCCY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| TKOMY Tokio Marine Holdings, Inc. | $48.32 | +3.20% | $92.37B | 54 |
| SMPNY Sompo Holdings, Inc. | $20.99 | +3.76% | $80.16B | 62 |
| ARZGF Assicurazioni Generali S.p.A. | $48.00 | +0.00% | $71.81B | 62 |
| BHKLY BOC Hong Kong (Holdings) Limited | $109.45 | +1.23% | $57.86B | 57 |
| SCRYY SCOR Se | $3.76 | +2.28% | $67.39B | — |
| BZLYF Beazley plc | $17.30 | +0.00% | $10.23B | 70 |
| DIISY Direct Line Insurance Group plc | $18.00 | +15.16% | $5.85B | 66 |
| SKWD Skyward Specialty Insurance Group, Inc. | $59.63 | -2.91% | $2.42B | 64 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are PPCCY's Key Strengths?
- Established market leadership and extensive operational footprint across the People's Republic of China.
- Diversified product portfolio spanning motor vehicle, commercial property, agriculture, and health insurance.
- Strong brand recognition and financial backing as a subsidiary of The People's Insurance Company (Group) of China Limited.
- Large employee base of 162,787, supporting a comprehensive distribution and service network.
What Are PPCCY's Weaknesses?
- Significant exposure to regulatory changes and government policies within the Chinese insurance industry.
- Potential for intense domestic competition from other large state-owned and private insurers in China.
- Reliance on specific market segments, such as motor vehicle insurance, which can be sensitive to economic cycles.
- Limited transparency for U.S. investors due to its Level 1 ADR and OTC Other trading status.
What Could Drive PPCCY Stock Higher?
- Continued robust economic growth in the People's Republic of China, which is expected to drive increased demand for insurance products across all segments.
- Potential for new regulatory frameworks in China that could favor established domestic insurers, enhancing market stability and competitive positioning.
- Implementation of digital transformation initiatives aimed at improving operational efficiency, expanding online sales channels, and enhancing customer engagement.
- Strategic expansion into underserved regional markets within China, leveraging its extensive network to capture new premium growth opportunities.
What Are the Key Risks for PPCCY?
- The dynamic and evolving regulatory landscape within the Chinese insurance industry poses a continuous risk, potentially impacting operational flexibility and profitability.
- Geopolitical factors and trade tensions between China and other major economies could negatively affect Chinese companies listed on foreign exchanges, including PPCCY.
- Intense competition within the highly fragmented Chinese property and casualty market may exert pressure on premium pricing and market share.
- An economic slowdown in China could lead to reduced demand for insurance products, increased claims, and lower returns on the company's investment portfolio.
- Increased frequency or severity of natural disasters in China could result in higher claims payouts, significantly impacting the company's underwriting profitability.
What Are the Growth Opportunities for PPCCY?
- Expansion in Agricultural Insurance: China's vast agricultural sector presents a significant, largely untapped market for specialized insurance products. With government initiatives promoting rural development and food security, demand for agricultural insurance, covering crop failures, livestock losses, and natural disasters, is expected to surge. PICC Property and Casualty, with its established presence and expertise, is well-positioned to expand its offerings and market share in this segment, potentially reaching a market size in the tens of billions of dollars annually within the next 5-10 years, leveraging its extensive rural network and policy support.
- Growth in Health and Accidental Injury Insurance: As disposable incomes rise and health awareness increases across China, the demand for comprehensive health and accidental injury insurance products is experiencing substantial growth. The aging population and evolving healthcare landscape further amplify this trend. PICC Property and Casualty can capitalize on this by developing innovative, tailored products and expanding its distribution channels, targeting both individual consumers and corporate clients. This segment is projected to grow significantly over the next decade, offering substantial premium income opportunities for the company.
- Digital Transformation and Online Sales: The increasing digitalization of financial services in China offers a substantial growth avenue for PICC Property and Casualty. Investing in advanced digital platforms for policy sales, claims processing, and customer service can significantly enhance operational efficiency, reduce costs, and broaden customer reach, particularly among younger, tech-savvy demographics. Leveraging big data and AI for personalized product offerings and risk assessment can further strengthen its competitive edge, potentially capturing a larger share of the online insurance market within the next 3-7 years.
- Commercial Property and Liability Insurance for Infrastructure Projects: China's ongoing urbanization and massive infrastructure development projects, including high-speed rail, smart cities, and industrial parks, create a continuous demand for commercial property and liability insurance. PICC Property and Casualty can secure significant contracts by offering tailored risk management solutions for these large-scale ventures. Its strong relationships with state-owned enterprises and deep understanding of regulatory requirements provide a distinct advantage in this segment, which will remain a key driver of commercial insurance premiums for the foreseeable future.
- Reinsurance Services Expansion: As the primary insurance market in China matures and faces more complex risks, the demand for robust reinsurance services is growing. PICC Property and Casualty's ability to provide reinsurance to other insurers, both domestically and potentially regionally, represents a strategic growth opportunity. By leveraging its extensive risk assessment capabilities and capital strength, the company can expand its footprint in the reinsurance market, diversifying its revenue streams and enhancing its overall profitability. This expansion could see significant development over the next 5-10 years as the Chinese insurance industry continues to evolve.
What Opportunities Does PPCCY Have?
- Expansion into underserved regional markets and specialized insurance niches within China's growing economy.
- Leveraging digital transformation to enhance operational efficiency, customer experience, and online sales channels.
- Growth in demand for health and accidental injury insurance driven by an aging population and rising health awareness.
- Increased demand for commercial property and liability insurance due to ongoing infrastructure development and urbanization in China.
What Threats Does PPCCY Face?
- Ongoing regulatory changes and potential tightening of oversight in the Chinese insurance sector.
- Geopolitical tensions and policy shifts impacting Chinese companies listed on foreign exchanges.
- Economic slowdown in China potentially affecting premium growth, claims frequency, and investment returns.
- Increased frequency and severity of natural disasters leading to higher claims payouts and reduced profitability.
What Are PPCCY's Competitive Advantages?
- Extensive distribution network and operational presence across the vast geographical expanse of the People's Republic of China.
- Strong brand recognition and trust derived from being a subsidiary of The People's Insurance Company (Group) of China Limited, a major state-owned enterprise.
- Highly diversified product portfolio catering to a wide array of customer segments and risk profiles, reducing reliance on any single market.
- Significant market share and an established, loyal customer base built over decades of operation in the Chinese insurance market.
- Deep understanding of the complex Chinese regulatory environment and strong relationships with local authorities, providing a competitive advantage.
What Does PPCCY Do?
PICC Property and Casualty Company Limited, incorporated in 2003 and headquartered in Beijing, China, operates as a prominent property and casualty insurance provider within the People's Republic of China. As a key subsidiary of The People's Insurance Company (Group) of China Limited, the company benefits from a strong foundational backing and extensive brand recognition across the nation. Its business model is diversified across several core segments, including Motor Vehicle, Commercial Property, Cargo, Liability, Accidental Injury and Health, Agriculture, Credit and Surety, and other specialized insurance products. This comprehensive offering allows PICC Property and Casualty to cater to a broad spectrum of clients, from individual policyholders seeking accidental injury, medical expenses, or homeowners insurance, to large enterprises requiring marine hull, construction, or special risk coverage. The company's evolution since its founding has positioned it as a significant player in the Chinese insurance landscape, leveraging its deep understanding of the local market and regulatory environment. Beyond traditional underwriting, PICC Property and Casualty Company Limited extends its services to include reinsurance, investment and funds application, insurance and claim handling agency, training, information technology and business support, and property management services. This integrated approach not only generates multiple revenue streams but also enhances its competitive standing by providing holistic solutions to its customer base. Its extensive operational footprint and diverse product portfolio underscore its strategic importance in China's rapidly expanding financial services sector.
What Products and Services Does PPCCY Offer?
- Offers motor vehicle insurance to individuals and businesses across China.
- Provides comprehensive commercial property insurance for various enterprises.
- Underwrites cargo insurance to protect goods in transit.
- Issues liability insurance policies covering a range of risks.
- Offers accidental injury and short-term health insurance products.
- Provides agricultural insurance to support farmers and the rural economy.
- Engages in credit and surety insurance for financial guarantees.
- Offers reinsurance services to other insurance companies.
- Provides investment and funds application services.
- Offers insurance and claim handling agency services.
How Does PPCCY Make Money?
- Generates premium income from a diverse portfolio of property and casualty insurance products sold to individuals and businesses.
- Earns investment income by strategically managing its substantial pool of policyholder funds and capital reserves.
- Provides value-added services such such as claim handling, training, and IT solutions, contributing to service-based revenue.
- Operates as a subsidiary of The People's Insurance Company (Group) of China Limited, leveraging group resources, brand strength, and extensive distribution networks.
- Offers reinsurance services, transferring and accepting risk from other insurers to diversify revenue and manage exposure.
What Industry Does PPCCY Operate In?
PICC Property and Casualty Company Limited operates within the dynamic and expansive financial services sector, specifically dominating the Insurance - Property & Casualty industry in the People's Republic of China. The Chinese insurance market is one of the largest globally, characterized by robust growth driven by increasing urbanization, rising disposable incomes, and a growing awareness of risk management among individuals and businesses. PICC Property and Casualty holds a significant market share, benefiting from its extensive operational network and strong brand recognition as a subsidiary of The People's Insurance Company (Group) of China Limited. The competitive landscape includes both domestic and international players, with key peers such as Tokio Marine Holdings, Inc. (TKOMY), Sompo Holdings, Inc. (SMPNY), Assicurazioni Generali S.p.A. (ARZGF), BOC Hong Kong (Holdings) Limited (BHKLY), and SCOR Se (SCRYY). The company's diversified product portfolio, spanning motor vehicle, commercial property, and agricultural insurance, positions it to capitalize on various market trends and maintain its leadership in a highly competitive environment.
Who Are PPCCY's Key Customers?
- Individual motor vehicle owners seeking mandatory and optional auto insurance coverage.
- Businesses of all sizes requiring commercial property, liability, and specialized risk insurance.
- Agricultural enterprises and individual farmers needing crop, livestock, and disaster insurance.
- Individuals seeking personal accidental injury and short-term health coverage.
- Other insurance companies requiring reinsurance services to manage their own risk exposures.
FY2026 estForward Outlook
Wall Street analysts project PICC Property and Casualty Company Limited revenue of about $543.13B for fiscal 2026, with EPS near $0.00. The estimate reflects 11 contributing analysts.
PPCCY Valuation & Market Position
With a $40.92B market cap, PICC Property and Casualty Company Limited sits in the large-cap segment of the market. Relative to its peer group, PPCCY's quantitative score of 50/100 is roughly in line with the peer average of 59/100.
ROE 14%Key Financial Metrics
Return on equity for PICC Property and Casualty Company Limited stands at 14.2%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 4.7%, showing how much profit it generates from its asset base. PPCCY trades at a trailing price-to-earnings ratio of 7.20, below the Financial Services sector average of ~18x. Its free cash flow yield is 17.1%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.16 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 14.2%, the inverse of the P/E and a quick read on earnings relative to price.
F-Score 7/9Financial Health
PICC Property and Casualty Company Limited's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 2.08 places it in the grey zone, a middle ground that warrants monitoring.
Company Profile
PICC Property and Casualty Company Limited operates in the Insurance - Property & Casualty industry within the Financial Services sector. It is headquartered in Beijing, CN. The company is led by CEO Daoming Zhang. PPCCY has traded publicly since 2012.
PPCCY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Established market leadership and extensive operational footprint across the People's Republic of China.
- Diversified product portfolio spanning motor vehicle, commercial property, agriculture, and health insurance.
- Strong brand recognition and financial backing as a subsidiary of The People's Insurance Company (Group) of China Limited.
- Large employee base of 162,787, supporting a comprehensive distribution and service network.
Bear Case
- Significant exposure to regulatory changes and government policies within the Chinese insurance industry.
- Potential for intense domestic competition from other large state-owned and private insurers in China.
- Reliance on specific market segments, such as motor vehicle insurance, which can be sensitive to economic cycles.
- Limited transparency for U.S. investors due to its Level 1 ADR and OTC Other trading status.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · July 2026
PPCCY Latest News
-
Asian Dividend Stocks To Consider In June 2026
Yahoo! Finance: PPCCY News · Jun 11, 2026
PPCCY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for PPCCY.
Price Targets
Wall Street price target analysis for PPCCY.
PPCCY MoonshotScore
What does this score mean?
The MoonshotScore rates PPCCY's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Daoming Zhang
Chief Executive Officer
Daoming Zhang holds the position of Chief Executive Officer at PICC Property and Casualty Company Limited, where he is responsible for leading an extensive organization comprising 162,787 employees. While specific details regarding his educational background, comprehensive career history, and previous executive appointments are not explicitly provided in the available source data, his role at the helm of such a large and prominent insurer in the People's Republic of China strongly suggests a distinguished career trajectory within the financial services or insurance industry, marked by significant leadership experience and strategic acumen.
Track Record: Details regarding specific achievements, strategic decisions, or company milestones directly attributable to Daoming Zhang's leadership are not provided in the available information. His tenure is characterized by the ongoing management and operational oversight of a major property and casualty insurer within the dynamic Chinese market, maintaining its established position and diverse product offerings.
PICC Property and Casualty Company Limited ADR Information Unsponsored
PICC Property and Casualty Company Limited (PPCCY) is traded as an American Depositary Receipt (ADR) Level 1. An ADR is a certificate issued by a U.S. bank representing shares in a foreign stock, allowing U.S. investors to buy shares of foreign companies on U.S. exchanges. For PPCCY, this means U.S. investors can trade its shares on the OTC market without directly accessing the home market in China, simplifying transactions and settlement in U.S. dollars.
- Home Market Ticker: The company's home market ticker is PPCC, with its primary operations and incorporation based in Beijing, China. While specific exchange listings for PPCC in China are not detailed in the provided data, major Chinese companies typically list on exchanges such as the Shanghai Stock Exchange or Hong Kong Stock Exchange. The company's headquarters are in Beijing, China.
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: PPCC
PPCCY OTC Market Information
PICC Property and Casualty Company Limited (PPCCY) trades on the OTC Other tier of the over-the-counter market. The OTC Other tier, also known as the Pink Market, represents companies that are current in their reporting but do not meet the standards for OTCQX or OTCQB, or those that have chosen not to provide financial disclosure to OTC Markets Group. Unlike stocks on major exchanges like NYSE or NASDAQ, which have stringent listing requirements, companies on OTC Other have varying levels of public disclosure, which can impact transparency and investor access to information. This tier is distinct from the more regulated exchanges, offering a different risk profile.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Limited Transparency: The 'Unknown' disclosure status means investors may have less access to current financial and operational data, hindering informed decision-making.
- Lower Liquidity: Trading on the OTC Other tier typically results in wider bid-ask spreads and lower trading volumes, making it difficult to execute trades efficiently.
- Price Volatility: The less regulated environment and lower liquidity of OTC markets can lead to greater price swings and unpredictable stock performance.
- Regulatory Scrutiny: Chinese companies listed on foreign exchanges, particularly OTC, face increased scrutiny and potential regulatory actions from both U.S. and Chinese authorities.
- Geopolitical Risks: Heightened sensitivity to U.S.-China relations and potential delisting threats can significantly impact investor confidence and the stock's value.
- Verify the company's latest available financial statements and annual reports from reliable sources, if any are accessible.
- Research the company's business operations, market position, and competitive landscape within China to understand its fundamental value.
- Assess the regulatory environment in China for property and casualty insurers and potential impacts on the company's operations and profitability.
- Examine the ownership structure, particularly its relationship with The People's Insurance Company (Group) of China Limited, and any implications of state ownership.
- Investigate any news or announcements from Chinese regulatory bodies or stock exchanges regarding the company's compliance or operational status.
- Understand the specific risks associated with Level 1 ADRs and the OTC Other tier, including disclosure limitations and liquidity challenges.
- Consult with a financial advisor knowledgeable in international and OTC investments to navigate the complexities and risks involved.
- PICC Property and Casualty Company Limited is a subsidiary of The People's Insurance Company (Group) of China Limited, a major state-owned enterprise in China.
- The company boasts a significant market capitalization of $40.92B, indicating a large, established, and financially substantial entity.
- It employs a vast workforce of 162,787 individuals, suggesting extensive operational scale and a deep organizational structure.
- The company was incorporated in 2003, demonstrating a long operational history and sustained presence in the Chinese market.
- It operates in the highly regulated insurance industry within China, which implies a certain level of oversight and compliance.
What Investors Ask About PICC Property and Casualty Company Limited (PPCCY) — Financial Services
What does PICC Property and Casualty Company Limited do?
PICC Property and Casualty Company Limited is a leading property and casualty insurer operating exclusively within the People's Republic of China. As a subsidiary of The People's Insurance Company (Group) of China Limited, it offers a diverse range of insurance products and services. These include motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, and credit and surety insurance. Beyond underwriting, the company also provides reinsurance, investment management, claim handling agency services, training, and IT support. Its business model focuses on generating premiums from its extensive policy base and earning investment income from its substantial asset portfolio, leveraging its strong brand and wide distribution network across China.
What regulatory challenges does PICC Property and Casualty Company Limited face in China?
PICC Property and Casualty Company Limited operates within a highly regulated environment in China, overseen by bodies such as the China Banking and Insurance Regulatory Commission (CBIRC). Key challenges include navigating evolving capital requirements, which dictate the amount of capital insurers must hold to cover potential losses, and adhering to stringent compliance costs associated with new policy directives. Regulatory changes, such as those impacting motor vehicle insurance pricing or investment guidelines, can directly influence the company's product offerings, profitability, and operational strategies. Furthermore, the company must manage data privacy regulations and ensure robust risk management frameworks are in place to meet regulatory expectations and maintain public trust.
How does PICC Property and Casualty Company Limited manage its investment portfolio and what are its implications?
PICC Property and Casualty Company Limited manages a significant investment portfolio, primarily funded by policyholder premiums and capital reserves. The company's investment strategy aims to generate stable returns to support its insurance liabilities and contribute to overall profitability. As a financial services entity, its investment income is a crucial component of its earnings. The portfolio typically consists of a mix of fixed-income securities, equities, and other assets, subject to regulatory guidelines in China. Fluctuations in interest rates, equity market performance, and credit risk can significantly impact the value and returns of this portfolio. Effective asset-liability management is critical to ensure sufficient liquidity to meet claims while optimizing investment performance, directly influencing the company's financial stability and dividend capacity.
What are the primary growth drivers for PICC Property and Casualty Company Limited within the Chinese market?
PICC Property and Casualty Company Limited's growth is primarily driven by several key factors within the Chinese market. The ongoing economic development and increasing urbanization contribute to higher demand for motor vehicle, commercial property, and liability insurance. Rising disposable incomes and an aging population are fueling significant growth in the accidental injury and health insurance segments. Furthermore, government support for rural development and food security initiatives are expanding the agricultural insurance market, where PICC has a strong presence. The company's strategic focus on digital transformation and leveraging its extensive distribution network also serves as a crucial driver, enabling it to reach a broader customer base and enhance operational efficiencies across its diverse product lines.
What are the key factors to evaluate for PPCCY?
PICC Property and Casualty Company Limited (PPCCY) holds an AI score of 50/100 (moderate). P/E: 7.2x vs the S&P 500's ~20-25x. Not financial advice.
How frequently does PPCCY data refresh on this page?
PPCCY prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven PPCCY's recent stock price performance?
PICC Property and Casualty Company Limited (PPCCY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Established market leadership and extensive operational footprint across the People's Republic of China. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider PPCCY overvalued or undervalued right now?
PICC Property and Casualty Company Limited (PPCCY) trades at 7.2x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based solely on provided source data; no external research or speculation was used.
- CEO's title inferred as 'Chief Executive Officer' based on 'managing employees' context, as specific title was not provided.
- Home market exchange for PPCC in China is assumed to be a major Chinese exchange, as specific exchange was not provided.