HSBC Shares Jump After Ping An Insurance Raises Stake in Bank
September 28 2020 - 12:42AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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