HSBC doubles Ping An stakes

HSBC Holdings paid Goldman Sachs Group and Morgan Stanley US$1.04bn for a 9.1% stake in Ping An Insurance Co, increasing its stake in China's number two life insurer to 19.9%, the maximum allowed by a single foreign investor, the Wall Street Journal reported. HSBC, the largest overseas investor in China's financial services sector, paid a premium for Ping An's shares, but the purchase is expected to pay dividends in the long term, analysts say.