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The Latest Breaking News from Ping An

HSBC denies breakup plan as it launches $3bn share buyback

London-headquartered bank says profits beat forecasts as it prepares to split eastern and western operations

The Guardian - UK

Meituan Beats Q4 Estimates With Strong Financial Results

Meituan's Q4 success, Ping An's impact, US-China relations, and investor sentiment in Asian markets.

Top News

HSBC hit with huge fine by watchdog over customer deposits

HSBC suffered another serious blow to its reputation today when it was whacked with one of the heaviest fines ever handed out by the City regulator.

Evening Standard

From analysis to the latest developments in health,
read the most diverse news in one place.

How a focus on Chinese buyers ‘doomed’ Malaysia’s Forest City

The mega-project on artificial islands between Malaysia and Singapore has struggled to attract interest.

Al Jazeera

HSBC doubled its profits and is giving shareholders $3 billion in buybacks but the bank's troubles haven’t ended just yet

London-listed HSBC's profits soared, thanks to elevated interest rates. But high costs and pains in Chinese real estate continue to put pressure on it.

Fortune

HSBC investors reject plan to split bank in meeting disrupted by climate protest

Majority of shareholders reject proposal to spin off Asian operations, after hour of disruption from campaigners

The Guardian - UK

HSBC urges shareholders to vote against proposed split

London (AFP) - Bank giant HSBC on Wednesday reached out to shareholders, urging them to vote down a proposal by its largest stakeholder, Chinese insurer Ping An, to split the business.

AFP

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HSBC's largest shareholder outlines bank break-up strategy

Hong Kong (China) (AFP) - HSBC's largest shareholder ramped up pressure on the bank to break up its business on Tuesday, saying it was underperforming and has failed to "address key business model challenges".

AFP

Investors force HSBC shareholder vote on structural overhaul

Minority shareholder Ken Lui leads campaign seeking to split bank’s Asian and western businesses

The Guardian - UK

Business is booming for BDMS

From its origins owning a small hospital 50 years ago, today Bangkok Dusit Medical Services (BDMS) has become the largest hospital network in Asia-Pacific.

Bangkok Post

HSBC bank sells Canadian ops for over US$10 bn

London (AFP) - HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday.

AFP

OneConnect Inches Closer to Profits Under Leadership of New Chairman

Key Takeaways: OneConnect’s revenue increased 17% in the second quarter, while its loss narrowed by nearly a third The company promoted CEO Shen Chongfeng to the additional role of chairman, consolidating its leadership into a single executive By Warren Yang

Benzinga

Ping An insists splitting HSBC would increase bank’s value

The Chinese shareholder has accused HSBC executives of exaggerating the downfalls of separating off the Asian business

The Guardian - UK

HSBC H1 pre-tax profit falls, dismisses calls for split

Hong Kong (AFP) - HSBC bank on Monday said pre-tax profit fell in the first half, and appeared to rebuff calls to spin off its Asian activities on the eve of a key shareholder meeting.

AFP

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The Guardian - UK

HSBC boss hits back at calls for breakup of business from investor

Noel Quinn says such a move would come with ‘material costs’ and ‘high risk of failure’

AFP

HSBC H1 pre-tax profit falls, says to pay quarterly dividends

Hong Kong (AFP) - HSBC on Monday said pre-tax profit fell in the first half of 2022 but it intends to resume quarterly dividends next year as its annual outlook remained positive.

Benzinga

Nowhere to Hide: ZhongAn Hammered by Stock and Bond Bloodbaths

Key Takeaways: ZhongAn warned that it lost as much as 750 million yuan in the first half of 2022, reversing a year-ago profit, due to a drop in its investment income and foreign-exchange losses The digital insurer made its first-ever underwriting profit last year, but its profitability still depends heavily…

Benzinga

ZhongAn Moves Further Out of Parental Shadow as Tencent Cuts Stake

Key takeaways: • Tencent reduced its stake in ZhongAn to about 8% from 10%, less than six months after Alibaba-affiliated Ant Group also cut its stake in the online insurer • ZhongAn’s net profit more than doubled last year, as reliance on its parents for business has decreased

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Bangkok Post

HSBC pressed to spin off Asian business

HSBC Holdings Plc has begun an internal review in the face of pressure from its largest shareholder to discuss splitting off the bank's Asian operations.

The Guardian - UK

As tensions rise between east and west, will HSBC be torn apart?

The bank, once a herald of globalisation, is struggling to placate investors amid US-China trade wars and crisis in Hong Kong

The Guardian - UK

Windfall tax wouldn’t stop BP’s £18bn parade of projects

Neither would it make the energy crisis go away, but after a while it becomes hard to resist

The Guardian - UK

HSBC faces pressure to split after push from one of its largest shareholders

Chinese insurer Ping An discusses listing bank’s Asian operations separately in Hong Kong

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