Thailand's Charoen Pokphand Group yesterday issued a statement reaffirming that it had the means to acquire HSBC's US$9.4 billion stake in Ping An Insurance, in a bid to scotch reports that the deal was unravelling.Saturday, 12 January, 2013, 4:37am
HSBC confirms that it is not aware of any information [in relation to the sale of its control in Ping An Insurance], which must be announced to avoid a false market in HSBC's securities, or of any inside information that needs to be disclosed.
HSBC, January 1012 Jan 2013 - 4:02am 2 comments
It looked like a stroke of luck at a difficult time for HSBC - a chance to make a big profit from selling one of its most valuable assets in China.
Now, less than a month later, the sale of its stake in Ping An insurance has put in question the reputation of the London-based bank established in Hong Kong and Shanghai about a century and a half ago.11 Jan 2013 - 1:28pm
A high-profile, US$9.4 billion bid by a Thai conglomerate to buy HSBC's stake in a leading mainland insurance company appears to be in danger as sources say that China Development Bank (CDB) is reconsidering its decision to back the deal.15 Jan 2013 - 10:42am
Reports that a secretive mainland businessman with close links to Hong Kong tycoons and mainland officials played a key role in Charoen Pokphand Group's plan to buy HSBC's Ping An stake raise fresh questions about the real buyer and the source of funding for the deal.24 Dec 2012 - 9:14am
The man behind HSBC's Ping An stake sale is said to be as secretive as James Bond, with his weapon of choice his financial wizardry. Xiao Jianhua founded and controls the low-profile but immensely powerful Beijing-headquartered Tomorrow Holdings, which has subsidiaries and direct and indirect investments in various financial companies on the mainland ranging from banks to securities houses.24 Dec 2012 - 11:22am