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HSBC surges as largest shareholder ups stake

Ping An Asset Management, part of Chinese investment giant Ping An Insurance, increased its stake in the bank to 8% from 7.95% late last week

HSBC - HSBC surges as largest shareholder ups stake

HSBC Holdings PLC (LON:HSBA) shares surged on Monday after the banking giant’s largest shareholder increased its stake in the firm late last week.

Ping An Asset Management, part of Chinese investment giant Ping An Insurance, increased its stake in the bank to 8% from 7.95%, representing around 10.8mln shares at an average price of around 285p each (HK$28.29).

READ: HSBC and Standard Chartered hit by new money laundering allegations

The news sent HSBC’s shares up 9.8% to 310.3p in early trading, recovering most of the losses the group suffered a week ago after it was listed among several major banks accused of allowing criminals to shift trillions of dollars around the world.

The Ping An purchase may also bolster HSBC’s prospects in mainland China, one of its most profitable markets, with the bank having come under attack by Chinese state media recently due to its involvement in the arrest of Huawei chief financial officer Meng Wanzhou in 2018.

HSBC has also come under pressure from its shareholders in Hong Kong, where it also holds a listing on the city’s stock exchange, after it suspended its dividend payments in April after a warning from the Bank of England.

Quick facts: HSBC

Price: 326.7 GBX

LSE:HSBA
Market: LSE
Market Cap: £66.63 billion
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