Chinese Insurer Ping An, HSBC’s Top Shareholder, Turns Low-Key Activist
FAQs
Why does Ping An want HSBC to break up? ›
Despite being headquartered in London, the large majority of HSBC's profits are made in Asia. Ping An, which holds an 8% stake in HSBC, wants the lender to separate out its Asian business. It argues that the bank's profitable Asia operations are subsidising other parts of the bank that are not performing as strongly.
Who is the activist shareholder of HSBC? ›Ken Lui, an activist shareholder in Hong Kong spearheading the resolution, had told CNN he was confident his proposal would pass. HSBC is a mainstay of many portfolios in the city, including those of retirees, schoolteachers and taxi drivers. Ken Lui canvassing for votes in Hong Kong in April.
Who is the Chinese shareholder of HSBC? ›That initiative — backed by HSBC's largest investor, the sprawling Chinese insurer Ping An — received only about 20 percent of the votes, the company said.
Is HSBC owned by Ping An? ›Ping An Asset Management holds just over 8% of HSBC's shares. Europe's biggest bank is facing growing calls to spin off its Asia business.