Ping An Asset Management, HSBC Holdings PLC's largest shareholder, will continue to hold its investment in the Asia-focussed lender, a source close to the Chinese fund manager said on Friday, after reports it was considering selling more shares. "We continue to be positive about HSBC and will continue to hold the investment," said the source, who declined to be identified because of the matter's sensitivity. Ping An Asset Management, a wholly-owned unit of Ping An Insurance, did not immediately reply to Reuters' request for comment.
(Bloomberg) -- Ping An Insurance Group Co. is weighing options that would allow it to reduce its 8% stake in HSBC Holdings Plc, according to people familiar with the matter. Most Read from BloombergChina Attempts to End Property Crisis With Broad Rescue PackageWith a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Jamie Dimon Sees ‘Lot of Inflationary Forces in Front
The Chinese insurance giant, which emerged as a major shareholder in HSBC in 2017 through its asset management arm and has had a tumultuous relationship with the lender in the recent past, has been offloading shares in the London-headquartered banking group. It has sold HSBC shares worth $50 million so far this month and the report adds Ping An is considering selling more as it looks to cut its $13.3 billion stake in the lender. Ping An had been pushing the lender to implement a slew of reforms, including spinning off its Asia business.