HONG KONG Feb 1 China has approved the sale of
HSBC's remaining $7.5 billion stake in Ping An
Insurance to a group controlled by Thailand's richest
man, giving the green light to the country's biggest inbound M&A
Ping An announced the approval in a filing on the Shanghai
stock exchange just hours before a deadline for a decision.
For HSBC Holdings Plc, the sale marks its exit
from a decade-long interest in China's second-biggest insurer
and books it a $2.6 billion post-tax gain from selling what it
no longer considers a core asset.
Approval by the China Insurance Regulatory Commission (CIRC)
had been in doubt after media reports last month raised
questions over the Thai group's funding for the deal.