HSBC stock recover from 25-year lows in the biggest jump since 2009
Ping An bought 10.8 million shares to boost its stake to 8%
Stocks impacted: HSBC Holdings plc (HSBA), Ping An Insurance Group Co. (601318)
After the recent sell-off that drove HSBC stocks to a 25-year low, its shares rose the most since 2009 on Monday as its biggest shareholder raised its stake in a bet the lender will return to paying dividends. China’s Ping An, the world’s biggest insurer, spent around $40m buying shares in HSBC at the end of last week. Ping An bought 10.8 million shares to boost its stake to 8% last week and remains confident in HSBC’s long-term prospects, noting that the recent slump in the share and the valuation only increases HSBC’s appeal. As a reminder, one week ago, HSBC stocks plunged to historic lows as the bank was hit by new fears about its business in China and a report accusing it and other major lenders of failing to stop criminals from moving dirty money around the world. Today, the company’s shares jumped 8.68% in London.
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