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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Ping An Insurance (Group) Company of China, Ltd.    2318   CNE1000003X6

PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

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China's Ping An Insurance boosts HSBC stake

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09/27/2020 | 04:57am EDT
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

Ping An Insurance Group Co of China Ltd, the biggest shareholder in HSBC Holdings Plc, has bought additional shares in the British bank to take its stake to 8%.

The insurer bought 10.8 million shares at an average price of HKD28.29 (2.9 pounds) per share on Sept. 23 via investment management arm, Ping An Asset Management Co Ltd, it said in a filing to the Hong Kong stock exchange late on Friday.

Before the latest transaction, Ping An held a 7.95% stake in the bank, the filing showed.

The Chinese insurer began buying shares in the bank, which makes the bulk of its revenue in Asia, in 2016 as part of its insurance investments and in December 2017 passed the 5% threshold after which it had to announce its holding.

Ping An gradually kept increasing its holding in HSBC, which is also listed in Hong Kong, and in late 2018 it became the biggest shareholder in the London-headquarter bank, replacing BlackRock Inc.

HSBC has been facing mounting pressure in recent months from lawmakers in the United States and Britain who are critical of Beijing's handling of the democracy movement in Hong Kong.

Senior British and U.S. politicians have criticised HSBC and Standard Chartered, which also makes most of its sales in Asia, after the banks backed China's national security law for the territory.

(Reporting by Sumeet Chatterjee; Editing by Stephen Coates)


Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 1.80% 646.21 Delayed Quote.30.77%
HSBC HOLDINGS PLC -0.23% 308.55 Delayed Quote.-47.75%
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. 0.36% 84.5 End-of-day quote.-8.25%
STANDARD CHARTERED PLC 0.53% 380.6 Delayed Quote.-46.86%
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Financials
Sales 2020 1 203 B 180 B 180 B
Net income 2020 132 B 19 720 M 19 720 M
Net Debt 2020 - - -
P/E ratio 2020 10,1x
Yield 2020 2,92%
Capitalization 1 421 B 213 B 212 B
Capi. / Sales 2020 1,18x
Capi. / Sales 2021 1,11x
Nbr of Employees 372 194
Free-Float 82,0%
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Technical analysis trends PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 26
Average target price 90,13 CNY
Last Close Price 72,58 CNY
Spread / Highest target 56,9%
Spread / Average Target 24,2%
Spread / Lowest Target -15,5%
EPS Revisions
Managers
NameTitle
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board