Ping An has emerged as the second-biggest shareholder in HSBC after the Chinese insurer increased its stake in Europe’s largest bank above 5 per cent, triggering a disclosure filing.
According to a filing to the Hong Kong Stock Exchange, Ping An’s asset management arm acquired 10m HSBC shares on Tuesday, taking the group’s total holding in the bank from 4.96 per cent to 5.01 per cent.
The investment by Ping An, which is the world’s largest insurer by market capitalisation and fourth-largest by total assets, is worth about £7.3bn ($9.8bn) at current market prices.
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