HSBC’s Hong Kong-listed stock rose as much as 11 per cent on Monday after its largest shareholder, China’s Ping An Asset Management, increased its stake despite rising tensions between Washington and Beijing.
Ping An revealed in an exchange filing late on Friday that it had raised its holding in HSBC to 8 per cent, up from 7.95 per cent.
HSBC’s Hong Kong-listed shares rose to as high as HK$31.30 when trade opened on Monday following the deal, in which Ping An bought 10.8m shares at an average of HK$28.29 each. Shares were up 9.6 per cent in afternoon trading in Hong Kong, on track for their best one-day rise in more than 11 years. The bank’s London-listed shares opened up 10.5 per cent.
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