Ping An Sells $50 Million of HSBC Shares After Vote Against CEO

(Bloomberg) — Ping An Insurance Group Co. sold about 0.4% of the shares it holds in HSBC Holdings Plc days after it voted against the reappointment of departing Chief Executive Officer Noel Quinn as a director.

Ping An’s asset management arm sold 5.65 million shares of HSBC this week, according to a filing. The transaction, which is valued at HK$391.5 million ($50.1 million), brought the insurer’s stake in HSBC from 8.01% to 7.98%.