Thai billionaire buys HSBC’s stake in Ping An

MANILA, Philippines - Hongkong and Shanghai Banking Corp. (HSBC) has sold its 15.6-percent stake in Ping An to the Charoen Pokphand Group, an unlisted conglomerate controlled by Thai billionaire Dhanin Chearavanont, for HK$72.7 billion ($9.4 billion), or HK$59 per share. The deal would allow the bank to pocket a $2.6 billion profit and slightly boost its core capital ratio. The Charoen Pokphand Group has been doing business in China, where it is known as Chia Tai, since the country first started to open its doors after 1979. It also has a listed subsidiary in Hong Kong, CP Pokphand, which operates a holding company for some of the group’s investments in China and Vietnam.