Insurance regulator digs into Ping An deal
(01-10 18:08)
China's insurance regulator said it had asked insurer Ping An for more information about its proposed sale of a stake to a Thai tycoon, after media reports said the deal may collapse.
British bank HSBC said last month it would sell its stake in Ping An, China's second largest life insurer, to Dhanin Chearavanont's conglomerate the Charoen Pokphand Group for US$9.4 billion, AFP reports.
The China Insurance Regulatory Commission, which must approve the deal, said it had asked for more information but gave no details.
"The CIRC has already received the Ping An Group application for the equity transfer, and in accordance with rules carried out a preliminary examination and notified the company to submit supplementary materials,'' it said in a statement to AFP.
Ping An Insurance closed down 0.18 percent at 44.99 yuan in Shanghai trading on Thursday. It fell 1.38 percent to HK$67.80 in Hong Kong, where it is also listed.
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