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HSBC Holdings to sell stakes in Ping An Insurance

Nov. 20, 2012 (China Knowledge) - HSBC Holdings Plc<0005>, the biggest foreign bank in mainland China, has said it plans to sell all 15.6% stake in Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer by premium income, according to a statement filed with Hong Kong Stock Exchange.

At present, HSBC Holdings holds a total of 1.23 billion H shares in Ping An Insurances, with a total value of HK$73.5 billion.

Rumors said the Chai Tai Group, a well-known multinational company, found by Thai Chinese, will be one of the potential buyers.

From January to October, Ping An Insurance realized RMB 196.09 billion in premium income, up 12.8% YoY, while its net profit for the first three quarters grew 10.8% YoY to RMB 16.09 billion, China Knowledge reported earlier.

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