HONG KONG (Reuters) - HSBC Holdings (HSBA.L) said on Monday it was in discussions to sell its 15.57 percent holding in China’s No.2 insurer Ping An Insurance (2318.HK), following a media report that was planning to sell the stake.
HSBC said the talks may not lead to the sale of the stake that it acquired before the Chinese company went public in 2004. The stake is valued at about $9.3 billion.
Ping An shares fell more than 3 percent on the report.
$1 = 7.7518 Hong Kong dollars Reporting by Denny Thomas; Editing by Richard Pullin