Xiao Jianhua

Charoen Pokphand insists it has funds to buy HSBC stake in Ping An

CP Group says it has funds to close Ping An deal. Photo: Reuters

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 needs to end its Ping An silence with simple answers

China's insurance regulator is seeking more information from Ping An Insurance after reviewing HSBC's planned sale of its $9.4 billion stake in China's No 2 insurer to Thailand's CP Group. Photo: Reuters

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 10  

12 Jan 2013 - 4:02am 2 comments

The Ping An deal - what is HSBC thinking?

Ping An is the mainland's No 2 life insurer. Photo: Reuters

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

Exclusive: HSBC sale of Ping An stake in limbo as state bank backs off loan support

A woman walks past a Ping An Insurance building in Shanghai December 6, 2012. Photo: Reuters

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

Mystery deepens over Ping An buyer

Xiao Jianhua

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

China's '007 of finance' back in spotlight in Ping An deal

Xiao Jianhua founded and controls the low-profile but immensely powerful Beijing-headquartered Tomorrow Holdings. Photo: SCMP Pictures

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