{"id":871,"date":"2013-02-04T06:41:52","date_gmt":"2013-02-04T06:41:52","guid":{"rendered":"https:\/\/112.137.169.13\/?p=871"},"modified":"2019-10-04T02:31:03","modified_gmt":"2019-10-04T02:31:03","slug":"hsbc-sells-pingan-stakes-to-cp-group","status":"publish","type":"post","link":"https:\/\/www.cpmalaysia.com\/1\/hsbc-sells-pingan-stakes-to-cp-group\/","title":{"rendered":"HSBC sells Ping&#8217;an stakes to CP Group"},"content":{"rendered":"<p>The Thailand-based Charoen Pokphand Group (CP Group) has bought HSBC&#8217;s shares in Ping&#8217;an Insurance Co., replacing the latter as the insurer&#8217;s largest stock holder.<\/p>\n<p>The China Insurance Regulatory Commission on Friday gave the go ahead for CP Group to buy all of HSBC&#8217;s stakes in Ping&#8217;an, or 15.57 percent of stock in the country&#8217;s second-largest insurer.<\/p>\n<p>The deal worth 72.74 billion HK dollars (9.39 billion U.S. dollars) is expected to be completed on Feb. 6, according to the Shanghai Securities News.<\/p>\n<p>The stocks of Ping&#8217;an closed higher on Friday after the news, with its A-shares up 5.29 percent and H-shares up 1.87 percent.<\/p>\n<p>HSBC said in a statement on Dec. 5 that HSBC Insurance Holdings and the Hong Kong and Shanghai Banking Corporation Limited, two indirect wholly-owned subsidiaries of HSBC Holdings plc, would sell their entire shareholdings in Ping&#8217;an Insurance Co. to CP Group at 59 HK dollars per share.<\/p>\n<p>HSBC Chief Executive Stuart Gulliver said in the statement that HSBC would put more focus on its core business.<\/p>\n<p>Led by board chairman Dhanin Chearavanont, CP Group is a multinational conglomerate with major business in agriculture.<\/p>\n<p>HSBC began to hold stakes in Ping&#8217;an in 2002 and has increased its shares several times since then.<\/p>\n<p><em class=\"small\">(Source: http:\/\/www.china.org.cn)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Thailand-based Charoen Pokphand Group (CP Group) has bought HSBC&#8217;s shares in Ping&#8217;an Insurance Co., replacing the latter as the insurer&#8217;s largest stock holder. The China Insurance Regulatory Commission on Friday gave the go ahead for CP Group to buy all of HSBC&#8217;s stakes in Ping&#8217;an, or 15.57 percent of stock in the country&#8217;s second-largest [&#8230;]\n","protected":false},"author":1,"featured_media":872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,69],"tags":[],"class_list":["post-871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cp-china","category-news"],"_links":{"self":[{"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/posts\/871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/comments?post=871"}],"version-history":[{"count":1,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/posts\/871\/revisions"}],"predecessor-version":[{"id":873,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/posts\/871\/revisions\/873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/media\/872"}],"wp:attachment":[{"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/media?parent=871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/categories?post=871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cpmalaysia.com\/1\/wp-json\/wp\/v2\/tags?post=871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}