Thai conglomerate Charoen Pokphand Group Co. Ltd. (CP Group) has offloaded another HK$16 billion ($2 billion) of its holdings in Ping An Insurance (Group) Co. of China Ltd., in the wake of the insurance giant’s muted profit growth in the first quarter of this year.
CP Group sold about 183 million of the insurer’s Hong Kong-listed shares, or about 1% of its total shares, according to a Thursday filing with the Hong Kong Stock Exchange. Caixin estimated the value of the 1% stake based on the average year-to-date price of Ping An’s shares.
