HSBC shares in biggest jump since 2009 after Ping An investment
The bank’s biggest shareholder raises its holding despite US-China tensions
Hong Kong/Beijing — HSBC rose the most since 2009 on Monday, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.
China’s Ping An Insurance Group, which last week bought 10.8-million shares to boost its stake to 8%, remains confident in HSBC’s long-term prospects, a spokesperson said. The recent slump in the share and the valuation only increases HSBC’s appeal, the spokesperson said...