Insurance giant to remain hands off with HSBC
Despite increasing its investment in HSBC, Ping An execs say they have no intention of entering the bank's management
Chinese conglomerate Ping An Insurance said it has no plans to enter HSBC’s management, despite its increasing investment with the latter, The Paper reported.
Chen Xinying, deputy CEO, Chief Operating Officer and Chief Information Officer of Ping An, said the firm’s investment in HSBC Holdings is a financial investment only. It was never their intention to enter the management of HSBC.
Chen also pointed out that as an insurance company, Ping An has a large number of funds to invest. HSBC is a good choice for long-term investment, as it offers very stable dividends, and Ping An is optimistic about the company’s prospects.
Ping An Asset Management Co. Ltd., a subsidiary of the insurance giant, holds about 1.419 billion shares of HSBC, accounting for 7.01% of the bank’s total shares, which has surpassed BlackRock Inc. to become the largest shareholder of HSBC.