Chinese insurer Ping An raises HSBC stake after lender’s historic share dive


Source: straitstimes.com straitstimes.com

Key Topics in this News Article:

News Snapshot:

HONG KONG • China's Ping An Insurance Group raised its stake in HSBC Holdings after HSBC shares slumped to their lowest in a quarter of a century, giving support to the lender that is facing mounting difficulties on several fronts. Ping An Asset Management, a unit of the insurer, revealed in an exchange filing that last week, it bought 10.8 million shares of HSBC, bringing its stake to 8 per cent and cementing its place as the largest shareholder. Ping An purchased the shares at an average of HK$28.2859 apiece. HSBC ended last Friday at HK$28.20. Last week, HSBC's shares...