HSBC has finalised its decision to sell its subsidiaries' shareholding in Ping An Insurance after receiving approval fromthe China Insurance Regulatory Commission. 

News of the planned sale was previously covered by WealthBriefing Asia, wherein HSBC Insurance and HSBC Asia-Pacific had agreed to sell their entire stake in Ping An Insurance to the wholly-owned subsidiaries of Charoen Pokphand Group. 

The divestment represents 15.7 per cent of the issued share capital of Ping An to CP Group units All Gain Trading, Bloom Fortune Group, Business Fortune Holdings and Easy Boom Developments. 

Some 256,694,218 shares were already transferred in December 2012 in the first tranche valued at HK$15,145 million ($1.954 million). As per agreement, tranche 2, or 976,121,395 shares will be transferred upon CIRC approval before 1 February 2013.

Completion of the transfer is expected on 6 February 2013.