Ping An Insurance Group Co (2318.HK) has increased its stake in Britain’s HSBC Holdings Plc (HSBA.L), making the Chinese insurer the company’s biggest shareholder with a 8% share.
A unit of the insurer, Ping An Asset Management Co, bought 10.8 million shares at an average price of HK$28.29 (£2.90, $3.70) per share.
It comes as British and US lawmakers criticised, HSBC and Standard Chartered (STAN.L) for supporting China’s national security law for Hong Kong, following Beijing’s handling of the pro-democracy movement in the territory.
The national security law criminalises criticism of the Chinese Communist party.
At the time, chief executive Noel Quinn, said: “We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors.”
Both banks, which are dual listed in