Charoen Pokphand Group, a conglomerate headed by Thailand's richest man, Dhanin Chearavanont, has bought 15,65% of the Chinese insurance company Ping An Insurance from HSBC for 9,38 billion dollars. The operation marks a strong diversification from the company's typical business, focused on chicken and animal feed, but strengthens the Thai tycoon's ties with China.
According to analysts, the next sale of HSBC, which is reducing its investment portfolio to boost profitability, will concern the stake in Bank of Communications, the fifth Chinese bank, whose value is estimated at 79 billion Hong Kong dollars.
