HONG KONG: A group linked to Thailand's richest man, Dhanin Chearavanont, has bought global bank HSBC's entire stake in China's Ping An Insurance for US$9.38 billion, with China Development Bank backing Asia's second-largest deal this year.
HSBC said on Wednesday it had sold the 15.6 percent stake to an affiliate of Charoen Pokphand Group, a group controlled by Chearavanont which is better known more for its agri-business empire than writing insurance policies.
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