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.
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00:00It's Benzinga and here's what's on the block.
00:02Shares of HSBC fell over 3% in Hong Kong after reports that its top shareholder,
00:07Ping An Insurance, may look to reduce its stake in the bank.
00:10Citing unnamed sources, Bloomberg reported Ping An is considering options to trim its $13.3
00:15billion position in HSBC, including further share sales.
00:20Last week, Ping An disclosed the sale of HSBC's shares, reducing its stakes slightly
00:24from just over 8% to about 7.9%.
00:28Ping An has previously been at odds with HSBC management supporting a 2023
00:33shareholder motion to spin off Asia operations.
00:35For all things money, visit Benzinga.com.