SHANGHAI (Reuters) - China's insurance regulator is seeking more information from Ping An Insurance after reviewing HSBC's planned sale of its $9.4 billion stake in China's No. 2 insurer to Thailand's CP Group.
The request comes amid concerns about the deal's funding triggered by the possible withdrawal of a crucial loan from China Development Bank (CDB).
Reuters reported on Tuesday that CDB is reconsidering its offer to finance a substantial portion of the deal, after the Chinese and Hong Kong media said funding from CP's first instalment came from people not affiliated with CP. The company has denied the reports.
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