China's insurance regulator reported ready to veto CP Group's purchase of HSBC's stake in Ping An because it doubts CP is the real buyer. | Bangkok Post: news

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China watchdog to veto Ping An sale

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  • Online news: Asia
  • Writer: Bloomberg news agency & Online reporters
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China's insurance regulator is set to reject Charoen Pokphand Group's proposed US$9.4 billion purchase of HSBC Holding Plc’s stake in Ping An Insurance Group Co on concerns the group may not be able to fund the acquisition, the South China Morning Post reported. 

The China Insurance Regulatory Commission has doubts CP Group can afford the purchase and is "increasingly concerned” about whether the Thai company is the real buyer, the Hong Kong- based newspaper said on Wednesday, citing unidentified people close to the CIRC.

Dhanin Chearavanont (Reuters photo)

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