China's Ping An Insurance Group has defended its call to spin off HSBC Holdings PLC (LSE:HSBA)'s Asian operation, saying it cares about investment returns, but is not an activist.
"We support any proposal that will actually improve shareholder value in the long term.
"We are not an activist investor, but we do care very much about long-term value," co-chief executive Jessica Tan told CNBC, the first time any executive has publicly spoken about its plan.
Ping An Asset Management is HSBC Holdings' largest shareholder and owns 8.3% of the bank.
Increasingly UK-based HSBC is turning its attention towards Asia and away from Europe and the US but analysts are sceptical as to whether Ping An, a large but lone shareholder, could force a shareholder resolution to split the bank.
Tan said Ping An hoped HSBC could perform better in future, noting it had been major shareholder for seven years, a period that has seen HSBC's value largely tread water.
The Chinese firm estimates spinning off the Asia business might release US$35bn (£29bn) in value, something that has been disputed by HSBC.
It says a break-up would affect its credit rating, tax bill and operating costs.
Shares in HSBC dropped 1.5% to 523.2p.