Today, Ping An, a Chinese insurance giant, emerged as the second-largest shareholder of HSBC.
A regulatory filing disclosed that Ping An had acquired a piece of shares bringing it over a regulatory threshold.
The insurer raised its interest in the biggest bank in Britain from 4.96 percent to 5.01 percent. According to Bloomberg figures, the £7.3bn stake of Ping An makes it the second-largest shareholder of HSBC. Blackrock, the asset management giant, is the biggest backer of HSBC.
Ping An is the largest insurer in the world in terms of market capitalisation. Raising its position comes weeks after John Flint was revealed as the successor to Stuart Gulliver, its chief executive. It said that its investment is financially motivated and is based on the track record of paying a dividend of HSBC.
The insurer raised its position in Hong Kong-listed share through a Stock Connect programme, which enables mainland firms to invest in Hong Kong shares.