Chinese insurance major Ping An Insurance has become the second-largest shareholder in British banking group HSBC by raising its stake to 5% from 4.96%.

The insurer increased its stake in HSBC by acquiring 1.02 billion shares of the bank via the Stock Connect programme, which allows Chinese firms to buy Hong Kong shares.

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Ping An noted that HSBC has a strong business performance as well as good dividend.

“This complements the assets and liabilities matching principles of Ping An Asset Management’s insurance funds,” the insurer said.

BlackRock is the largest shareholder in HSBC with a stake of around 6.8%, and JPMorgan Chase the third largest shareholder with a stake of over 4.8%.

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