Ping An has cut its stake in HSBC days after it voted against the re-election of the bank’s outgoing chief executive Noel Quinn.
The Chinese insurer sold 5.65mn HSBC shares earlier this week for about HK$391mn, according to regulatory filings. While the disposal is relatively small, reducing its stake by a fraction of 1 per cent, it marks a reversal from the previous six years when Ping An tended to buy shares in Europe’s largest lender.
Ping An’s disposal comes just a week after Quinn announced his unexpected resignation as chief executive alongside HSBC’s first-quarter results. Days later, the group voted against Quinn’s re-election at the bank’s annual general meeting, according to people familiar with the situation.
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