汇丰94亿美元出售平安保险股份

HSBChas struck a $9.4bn deal to sell its entire 15.6 per cent stake in Ping An Insuranceto companies controlled by Thailand’s Charoen Pokphand Group.

汇丰银行(HSBC)已经达成协议，将以94亿美元的价格将所持平安保险(Ping An Insurance)15.6%的股份全部出售给泰国卜蜂集团(Charoen Pokphand Group)控股的下属公司。

The UK bank said yesterday it had agreed to sell its stake in China’s second-biggest insurer by assets for HK$59 a share to the unlisted conglomerate, which is run by Dhanin Chearavanont, the Thai billionaire. HSBC, which had allowed its stake in Ping An to be diluted during rights issues, will book a profit of about $3bn on the sale over its last valuation at the end of 2011. The bank will transfer the first 20 per cent of the stake to CP Group on December 7, with the remainder to follow once the deal has received approval from the China Insurance Regulatory Commission.

汇丰银行昨日宣布，已达成协议将以每股59港元的价格将所持平安保险股权出售给泰国亿万富翁谢国民(Dhanin Chearavanont)执掌的未上市企业集团。按资产规模计算，平安保险是中国第二大保险公司。汇丰未认购平安保险增发的新股，而是任由其所持股份被稀释。相对于这部分股权在2011年底的估值，此次出售将使汇丰锁定约30亿美元的利润。汇丰将于12月7日向卜蜂集团转让首批20%股份，剩余部分将在这笔交易得到中国保险监督管理委员会(China Insurance Regulatory Commission)的批准后过户。

CP Group is funding the purchase of the first tranche of shares with cash and the remaining 80 per cent with a combination of cash and debt from China Development Bank.

卜蜂集团将以现金形式支付先行转让的股权价款，剩余的80%股权将以现金以及来自中国国家开发银行(China Development Bank)的贷款支付。

The Thai group is known primarily for its agribusiness empire. It has not focused on financial services and insurance, though it had an interest in a Thai joint venture with Allianz, the German insurer, which it sold in May for Bt300m ($9.8m). The group now derives more than half its agribusiness profits from its China operations. Mr Dhanin has built close relations with the country’s Communist party leadership, which has given CP Group a lucrative position in the push to modernise China’s farm sector.

卜蜂集团主要以其农业综合经营帝国而闻名。金融服务和保险不是该集团的主要业务，但其曾在德国保险公司安联集团(Allianz)的泰国合资公司中持有股份，并于今年5月作价3亿泰铢(合980万美元)将这部分股权售出。目前卜蜂集团农业业务半数以上的利润来自中国。谢国民与中共领导层关系密切，这使卜蜂集团在中国推进农业现代化的进程中处于有利地位。

The involvement of state-owned China Development Bankin helping to finance the Thai group’s acquisition is a clear sign of state support for CP’s move into Ping An.

为卜蜂集团的股权收购提供融资的国家开发银行属于中国国有政策性银行，这是中国政府支持卜蜂集团投资平安保险的明确信号。

HSBC built up its stake in Ping An for about $1.7bn between 2002 and 2005. But the bank said it had a carrying value of $6.4bn at the end of last year, meaning it already recognises an increase of the stake’s value in its accounts.

汇丰银行在2002至2005年间为积累起这部分平安保险股权花费了约17亿美元。但该行表示，这些股份去年底的账面值为64亿美元，这意味着它已在账目中计入这些股份的增值。