Caixin OnlineFinance & EconomicsTop Stories Finance Anatomy of an Odd, Hands-Off Deal for Ping An
12.25.2012 14:38

Anatomy of an Odd, Hands-Off Deal for Ping An

Investors agreeing to buy HSBC's stake in Ping An Insurance took an unusual route and pleased the insurer's executives
By staff reporters Ling Huawei and Yang Lu and Hong Kong Correspondent Wang Duan
 
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(Beijing) – Thailand's richest man, a former prime minister and a Chinese tycoon with close ties to banks in three cities have stepped out of the shadows to close a mysterious deal involving a major stake in Ping An Insurance Co.

The unusual collection of financiers backed by Ping An executives for their hands-off promises emerged a few weeks after London-based HSBC said December 5 it would end its 10-year-old relationship with the insurer – one of China's largest – by selling its entire 15.57 percent stake for US$ 9.4 billion, or HK$72.7 billion.

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