Opposition in China is building to a deal in which US private equity group TPG plans to sell its controlling stake in a Chinese bank to Ping An Insurance, the country's second- largest insurer, for a profit of more than 150 per cent.
Ping An plans to pay at least $1.68bn for TPG's 17 per cent controlling stake in Shenzhen Development Bank and buy up to $1.57bn in new shares from SDB to give it a combined stake of up to 30 per cent.
But the deal was not first cleared with all the regulatory bodies involved and will face serious opposition, according to people familiar with the matter.
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