HSBC falls 3% amid reports that top shareholder Ping An is looking to trim its stake
Publishing timestamp: 2024-05-17 00:59:24
Summary
Ping Insurance, a top shareholder of HSBC Holdings, is considering further share sales to reduce its stake in the British bank. This news caused HSBC's share price to fall over 3% in Hong Kong, but it is still trading at its highest level since August 2018. Ping recently sold $50 million worth of HSBC shares, reducing its stake from 8.01% to 7.98%. Other options being considered include selling more shares or attracting a new investor, such as a sovereign wealth fund or ultra-rich investor from the Middle East.
Sentiment: NEUTRAL
Tickers: 1318-SZ, 2318-HK, HSBA-GB, 5-HK,
Keywords: ping an insurance group co of china ltd, asia economy, banks, business news, hsbc holdings plc,