HSBC falls 3% amid reports that top shareholder Ping An is looking to trim its stake

Citing people familiar with the matter, Bloomberg said that "one option an internal team at the Chinese insurance giant is considering is further share sales, similar to the $50 million sale it disclosed last week."

Ping An has butted heads with HSBC's management in recent years, most notably supporting a shareholder motion in 2023 that sought to spin off its Asia business and establish fixed dividends. Customers use automated teller machines at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019.Despite the fall, HSBC's share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share.the Chinese insurer is looking at possibly reducing its stake in the bank further "as it seeks to reduce its $13.3 billion position in Europe's largest lender.

"A sovereign wealth fund or ultra-rich investor in the Middle East taking a sizable stake is another possibility," Bloomberg said, citing unnamed sources.

Source: News Formal (newsformal.com)

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