More than $1.3bn in paper profits rests on a decision from China’s insurance regulator today – and it is still a mystery to whom those profits belong.
HSBC’s $9.4bn sale of its stake in Ping An Insurance to Charoen Pokphand Group of Thailand is awaiting approval from the China Insurance Regulatory Commission ahead of a deadline of 11.59pm Hong Kong time tonight.
A collapse of the sale will put pressure on the shares of Ping An, China’s biggest private insurer, as investors worry about how or when the UK-based bank’s stake will hit the market, according to analysts.
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