HONG KONG (Reuters)—A conglomerate controlled by Thailand's richest man has bought a minority stake in China's Ping An Insurance for $9.38 billion from global bank HSBC, a bold move that ranks as Asia's second-largest deal this year.
Dhanin Chearavanont's Charoen Pokphand Group (CP Group) bought the 15.6 percent stake in a deal that marks a departure from its core food businesses, such as poultry and animal feed, but appears to strengthen the 73-year-old's ties to Beijing.
HSBC , which announced the transaction on Wednesday under its recovery plan to sell non-core assets, said CP Group's purchase was being partly financed by state-run China Development Bank.
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