By Yi Wei Wong 
 

HSBC Holdings PLC's shares advanced Monday after Ping An Insurance (Group) Co. of China Ltd. raised its stake in the lender.

The insurer raised its stake in HSBC to 8.00% from 7.95% through its investment management unit, a stock-exchange filing showed.

"All we have said previously is HSBC is a long-term investment," a Ping An spokesman said about the purchase when contacted by phone on Sunday by the South China Morning Post.

HSBC shares slumped to a low of HK$27.50 last week, their lowest level since 1995.

At the midday break, shares were up 7.8% at HK$30.40.

 

Write to Yi Wei Wong at yiwei.wong@wsj.com

 

(END) Dow Jones Newswires

September 28, 2020 00:27 ET (04:27 GMT)

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