Investor Ping An thinks HSBC overstated risks of $35b Asia spin-off

Investor Ping An thinks HSBC overstated risks of $35b Asia spin-off

A logo of HSBC is displayed outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip

HSBC overstated the risks of spinning off its Asia unit when it rebuffed such a proposal by shareholder Ping An Insurance Group, a source familiar with the Chinese insurer’s thinking said, adding the move could unlock up to $35 billion in value.