HSBC's second largest shareholder revealed as Chinese insurance giant Ping An

 
Oliver Gill
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Ping An is the world's largest insurer by market capitalisation (Source: Getty)

Chinese insurance giant Ping An today emerged as HSBC's second-largest shareholder.

A regulatory filing revealed Ping An had snapped up a chunk of shares taking it over a regulatory threshold.

The insurer increased its interest in Britain's biggest bank from 4.96 per cent to 5.01 per cent. Ping An's £7.3bn stake makes it HSBC's second-largest shareholder, according to Bloomberg figures. Asset management giant Blackrock is HSBC's biggest backer.

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Ping An is the world's largest insurer by market capitalisation. Upping its position comes just weeks after John Flint was announced as the successor to chief executive Stuart Gulliver. It said its investment is financially motivated and based on HSBC's track record of paying a dividend.

The insurer increased its position in Hong Kong-listed share via a Stock Connect programme, which allows mainland firms invest in Hong Kong shares.

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