Ping An Insurance Group Co. sold about 0.4% of the shares it holds in HSBC Holdings Plc days after it voted against the reappointment of departing Chief Executive Officer Noel Quinn as a director, reports Caixin. Ping An’s asset management arm sold 5.65 million shares of HSBC this week, according to a filing. The transaction, which is valued at HK$391.5 million ($50.1 million), brought the insurer’s stake in HSBC from 8.01% to 7.98%.
Even after the sale, Ping An remains one of HSBC’s largest shareholders with a stake valued at £10.5 billion ($13.2 billion), according to data compiled by Bloomberg. “HSBC is our long term financial investment,” Ping An said in a statement. “The bank has maintained unique competitive advantage in Asia. We are confident of its long-term development.”
Ping An in recent years has been pushing HSBC to embark on a series of reforms, including spinning off its Asian arm. That effort was roundly defeated at a shareholder meeting last year.