China: Ping An sells 5.65m HSBC shares for $50m
Source: Asia Insurance Review | Jun 2024
Ping An Insurance Group Co, China’s biggest insurer by capitalisation, sold 5.65m shares in HSBC Holdings on 7 May at an average price of HK$69.3074 ($8.87) per share.
The sale, valued at HK$391.5m ($50.1m), reduces the insurer’s stake in HSBC from 8.01% to 7.98%. After the sale, Ping An remains one of HSBC’s largest shareholders.
The sale of the shares followed Ping An’s vote against reappointing HSBC chief executive Mr Noel Quinn as a director to the bank’s board at the annual shareholders’ meeting on 3 May, a source familiar with the matter told Reuters. However, Mr Quinn was reelected with 83.93% votes in favour, and 16.07% of votes against, according to the company’s annual general meeting statement. A