Ping An shares fall on report HSBC plans exit

HONG KONG Sun Nov 18, 2012 8:59pm EST

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HONG KONG Nov 19 (Reuters) - Shares of China's No.2 insurer Ping An Insurance fell more than 2 percent in early trade on Monday following a media report that HSBC Holdings is planning to sell its 15.6 percent stake in the Chinese company.

By 0149 GMT, Ping An's Hong Kong-listed shares were down 2.7 percent at HK$57.96. By comparison, the benchmark Hang Seng Index was up 0.4 percent.

HSBC's stake in Ping An is worth about HK$73.5 billion ($9.5 billion), according to the Chinese-language Hong Kong Economic Journal. Possible buyers include Thai tycoon Dhanin Chearavanont, who owns the privately owned CP Group, the newspaper added.

HSBC and Ping An both declined to comment.