The Chinese Ping An Insurance Group has increased its interest in the British bank HSBC. This happened when HSBC’s shares were at their lowest level in about 25 years, it turned out on Monday.
Ping An Asset Management, part of the group, purchased nearly 11 million shares of HSBC in the past week. This increased the bank’s interest to 8%. Ping An has had a significant stake in HSBC since the end of 2017.