Shareholders at China’s second-largest insurer Ping An Insurance have voted in favour of a RMB160 billion ($24 billion) share-raising, in apparent defiance of the country’s tax authorities.

China’s State Administration of Taxation announced an audit of Ping An two days before last Wednesday’s shareholder meeting, reportedly concerned the Shenzhen-headquartered company was squeezing local shareholders to fund its foreign acquisition program.

Ping An faces three options in response to the audit, according to local analysts. The insurer could delay issuing the 1.2 billion shares until the four-month audit is completed, cancel the raising altogether or go ahead with a RMB40 billion ($6 billion) convertible bond issue and delay the share issue.

The shareholder vote means Ping An is on a potential collision course with local regulators, who have been reported as calling the share issue “irresponsible”.