China has approved the sale of HSBC’s remaining $7.5 billion stake in Ping An Insurance to a group controlled by Thailand’s richest man, giving the green light to the country’s biggest inbound M&A deal.
Ping An announced the approval in a filing on the Shanghai stock exchange just hours before a deadline for a decision.
For HSBC Holdings Plc, the sale marks its exit from a decade-long interest in China’s second-biggest insurer and books it a $2.6 billion post-tax gain from selling what it no longer considers a core asset.
Approval by the China Insurance Regulatory Commission (CIRC) had been in doubt after media reports last month raised questions over the Thai group’s funding for the deal.
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