Ping An, HSBC’s second largest shareholder

Ping An has acquired a 5.01% stake in HSBC’s capital, boosting the Chinese insurer to the position of second largest shareholder of the British bank behind BlackRock which detains 6.99%.

Estimated at 77.5 billion HKD (9.92 billion USD), the transaction was sealed on December 15, 2017.

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• The insurance industry in China