HSBC shares fall amid reports top shareholder Ping An may sell shares

Shares of HSBC Holdings dropped over 3% in Hong Kong following reports from Bloomberg that Ping An Insurance, its largest shareholder, is considering reducing its stake in the bank. This news comes after Ping An recently sold shares worth approximately $50 million, decreasing its ownership from 8.01% to 7.98%. The Chinese insurer has previously clashed with HSBC's management, notably supporting a failed shareholder motion in 2023 to spin off HSBC's Asia business. Despite the share sale, HSBC's stock remains at its highest level since August 2018.