HSBC shares fall amid reports top shareholder Ping An may sell shares

Customers use automated teller machines (ATMs) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, Saturday, February 16, 2019.

Anthony Kwan | Bloomberg | Getty Images

Actions of HSBC Holdings fell more than 3% in Hong Kong on Friday after reports that its largest shareholder Ping An Insurance could seek to reduce its stake in the British bank.

Despite the fall, HSBC’s share price remains at its highest level since August 2018, trading at around HK$68 per share.

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Citing people familiar with the matter, Bloomberg reported that the Chinese insurer was considering further reducing its stake in the bank “as it seeks to reduce its $13.3 billion position in Europe’s largest lender.” .

There are several options, including “further stock sales, similar to the $50 million sale announced last week.”

Ping An sold HSBC shares worth 391.49 million Hong Kong dollars ($50.19 million) on May 7, reducing its stake from 8.01% to 7.98%.

This is Ping An’s first share sale since it backed a 2023 shareholder motion to split its Asia business and establish fixed dividends. This motion was ultimately rejected.

“A sovereign wealth fund or ultra-wealthy investor in the Middle East taking a significant stake is another possibility,” Bloomberg said, citing unnamed sources.

HSBC split proposal reflects long-term problem unlikely to go away, analyst says

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Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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