HSBC Swings $9.4B Deal For Ping An Stake

Law360, New York (December 4, 2012, 11:03 PM EST) -- HSBC Holdings PLC has agreed to sell its stake in Chinese insurance and financial services giant Ping An Insurance Group Co. of China Ltd. to a Thailand-based investment group for nearly $9.4 billion, the bank said Tuesday.

HSBC Insurance Holdings Ltd. and HSBC Asia Pacific, which own nearly 15.6 percent of Ping An's issued shares, sold those shares to units of Thailand-based Charoen Pokphand Group Co. Ltd., the bank said.

The units that bought the shares were All Gain Trading Ltd., Bloom Fortune Group Ltd., Business...
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