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Thai Group Buys $9.4B Ping An Stake from HSBC

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.

By Kelvin Soh and Denny Thomas (Reuters) | Updated on December 05, 2012

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.

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