HSBC sells Chinese insurer stake HSBC is selling its stake in China's Ping An Insurance for 7.2 billion euros. The buyer is CP group, a conglomerate controlled by Thailand's richest man, Dhanin Chearavanont. The sale is part of HSBC recovery plan to sell non-core assets. CP Group is a long time investor in China, with interest including agriculture, retailing and car manufacturing. More about: China, HSBC, Insurance market, Mergers and acquisitions, United Kingdom