News Snapshot:
Hong Kong/London: HSBC increased the risks of closing its Asia unit when it turned down such an offer from shareholder Ping An Insurance Group, a source familiar with the Chinese insurer’s thinking said, adding the move would add $35 in value. Up to a billion can be unlocked. HSBC, which makes the bulk of its sales and profits in Asia, came under pressure in April from its largest shareholder, Ping An, to explore options, including listing its core Asia business, to increase shareholder returns. The detailed rebuttal described by a source with knowledge of Ping An’s thinking represents the investor’s...
