1045 GMT - If Ping An were to reduce its position in HSBC, it would do so over a prolonged period of time to maximize value and mitigate risk, Citi says in a note following reports that the Hong Kong-listed insurer--which is also the largest HSBC shareholder--is considering cutting its 8% stake in the lender. It isn't clear that Ping An will decide to cut or exit its position, analysts write, adding that it suggested last week in a statement that HSBC remained a long-term investment. "While the relationship between the two has been somewhat fraught in recent years, it does appear to have improved in recent months, as many of the issues publicly raised by Ping An have been addressed and the bank is now a high-yielding investment once more," they note. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
May 17, 2024 06:45 ET (10:45 GMT)
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