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HSBC Holdings PLC Announces CIRC Approval Received To Transfer Shareholding In PING AN INSURANCE


Friday, 1 Feb 2013 05:25am EST 

HSBC Holdings PLC announced that on December 5, 2012, its indirect wholly-owned subsidiaries, HSBC Insurance Holdings Limited (HSBC Insurance) and The Hongkong and Shanghai Banking Corporation Limited (HSBC Asia Pacific), had agreed to sell their entire shareholdings, being 1,232,815,613 shares, in Ping An Insurance (Group) Company of China, Ltd. (Ping An Insurance), representing 15.57% of the issued share capital of Ping An Insurance, to indirect wholly-owned subsidiaries of Charoen Pokphand Group Company Limited (CP Group) (the Transaction). These subsidiaries are All Gain Trading Limited, Bloom Fortune Group Limited, Business Fortune Holdings Limited and Easy Boom Developments Limited (the Purchasers). 256,694,218 shares (the Tranche 1 Shares) were transferred by HSBC Insurance to the Purchasers on December 7, 2012. The aggregate consideration for the Tranche 1 Shares was HK$15,145m (approximately USD 1,954 million), or HK$59.00 per share. The remaining 976,121,395 shares (the Tranche 2 Shares) would be transferred by HSBC Insurance and HSBC Asia Pacific to the Purchasers following, and conditional upon, receipt of regulatory approval from the China Insurance Regulatory Commission (CIRC). The CIRC approval was granted on February 1, 2013. The consideration for the Tranche 2 Shares (being an aggregate of HK$57,591m (approximately USD 7,431 million) has been paid by the Purchasers in cash. 

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23 Dec 2014