China’s Ping An Insurance Increases Stake in HSBC to 8%


(Bloomberg) — China’s Ping An Insurance Group Co. raised its stake in HSBC Holdings Plc, cementing its position as the lender’s biggest shareholder.



a large sign on the side of a building: Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.


© Bloomberg
Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.

Ping An Asset Management Co., a unit of the insurer, bought 10.8 million shares of HSBC on Wednesday, according to a Hong Kong stock exchange filing on Friday. That brings the group’s stake to 8% from 7.95% previously. BlackRock Inc., the second-biggest holder, currently owns 7.14%.



a large sign on the side of a building: Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.


© Bloomberg
Signage for Ping An Insurance Group Co. is displayed atop a building in Beijing, China, on Thursday, March 14, 2019. China is planning to approve new rules for foreign investment in the country this week, a sweeping overhaul of regulations that will affect corporate titans from Ford to Alibaba and Tencent.

HSBC’s shares have fallen to a 25-year low as pressures mount on several fronts including a potential threat to its China expansion.

Ping An purchased the shares at an average HK$28.2859 apiece. HSBC ended Friday at HK$28.20.

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