China’s Ping An Insurance acquires additional stake in HSBC

A logo of Ping An Insurance is seen outside its building in Shenzhen in this February 5, 2013 file photo. REUTERS/Tyrone Siu/File photo

Ping An Insurance Group Co of China Ltd, the biggest shareholder in HSBC Holdings Plc, has bought additional shares in the British bank to take its stake to 8%.

The insurer bought 10.8 million shares at an average price of HKD28.29 (2.9 pounds) per share on Sept. 23 via investment management arm, Ping An Asset Management Co Ltd, it said in a filing to the Hong Kong stock exchange late on Friday.

Before the latest transaction, Ping An held a 7.95% stake in the bank, the filing showed.

The Chinese insurer began buying shares in the bank, which makes the bulk of its revenue in Asia, in 2016 as part of its insurance investments and in December 2017 passed the 5% threshold after which it had to announce its holding.

Ping An gradually kept increasing its holding in HSBC, which is also listed in Hong Kong, and in late 2018 it became the biggest shareholder in the London-headquarter bank, replacing BlackRock Inc.

HSBC has been facing mounting pressure in recent months from lawmakers in the United States and Britain who are critical of Beijing’s handling of the democracy movement in Hong Kong.

Senior British and U.S. politicians have criticised HSBC and Standard Chartered, which also makes most of its sales in Asia, after the banks backed China’s national security law for the territory.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.