Ping An, HSBC shares set to take off

Shares of HSBC and Ping An Insurance are expected to rise today on the back of bullish equity market sentiment, and news that mainland regulators have approved HSBC's US$7.4 billion sale of its Ping An stake to Thailand's Charoen Pokphand.

"This is positive news to HSBC because the sale proceeds will help boost its capital ratios," said Christfund Securities research director Simon Lam Ka-hang. "But it won't be majorly positive news, since the mainland market's bull run is expected to have more upside, so one could argue that selling the stake later may be even better.

via Business feed http://www.scmp.com/business/banking-finance/article/1142808/ping-hsbc-shares-set-take