On December 15, 2022, Ping'an Assets Management Co., Ltd. announced that, in addition to Ping'an, some other shareholders have also been pushing for HSBC Holdings plc to spin off assets and improve profitability, including Ken Lui. Ken Lui stated that the Company underperforms its peers, violates dividend commitments (and) ignores shareholder interest. Ken Lui added that the Company's top managers were turning a deaf ear to the voice of minority shareholders.

Ping'an and Ken Lui stated that this is the most important, urgent, and absolutely needed action for the Company to improve its business performance, reducing costs and increasing efficiency, particularly amid slowing growth in the global financial industry. Ping'an and Ken Lui added that they would support any initiatives, including a spin-off that, are conducive to improve the Company's performance and value.