Ping An Becomes Second-Largest Shareholder in HSBC
Ping An Insurance has acquired a 5% stake in HSBC to become the second-biggest shareholder. Above: Ping An’s headquarters in Shanghai. Photo: CFP.
China’s Ping An Insurance has acquired a 5% stake in HSBC Holdings, becoming the second-biggest shareholder of Europe’s largest bank, according to the insurer’s regulatory filing on Wednesday.
Ping An’s filing to the Hong Kong Stock Exchange indicates that Ping An’s asset management arm has bought more than 1 billion of HSBC’s Hong Kong listed shares as of Dec. 15 through the stock connect program that links the Hong Kong and mainland bourses.
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