Ping An sells remaining stake in Value Partners

The asset management arm of Ping An Insurance has sold its remaining 6% stake in Hong Kong-listed Value Partners through a block trade, raising a total of HK$639.9 million $82 million. The deal was done at a 9% discount after the market closed last Thursday.

The timing seemed a bit odd, given that the Hong Kong market was closed on Friday to celebrate the anniversary of the handover. The share price was also trading slightly below the level where it was when Ping An sold one-third of its stake at the end of April. However, the local markets had been improving during the past week and the...