HONG KONG: Global bank HSBC Holdings, the biggest foreign investor in China's financial service sector, is spending HK$8.1bil (US$1.04bil) for a 9.91% stake in Ping An Insurance Co, doubling its holding in the number-two life insurer.
The London-based bank said it is paying HK$13.20 a share for stakes held by investment banks Goldman Sachs and Morgan Stanley, lifting HSBC's holding to 19.9%, the maximum stake allowed by a single foreign investor.
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