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