HSBC Shares Drop 3% in Hong Kong Amid Reports of Ping An Insurance Considering Stake Reduction from baltic way hong kong Watch Video
Preview(s): Play Video: (Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
Your browser does not support playing the video.Please download the video!
⏲ Duration: 0:39 👁 View: 85K times ✓ Published: 18-May-2024
Description: Shares of HSBC fell over 3% in Hong Kong after reports that its top shareholder, Ping An Insurance, may look to reduce its stake in the bank. Citing unnamed sources, Bloomberg reported Ping An is considering options to trim its $13.3 billion position in HSBC, including further share sales. Last week, Ping An disclosed the sale of HSBC shares, reducing its stake slightly from just over 8% to about 7.9%. Ping An was previously at odds with HSBC management, supporting a 2023 shareholder motion to spin off Asia operations.