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China says approves HSBC sale of Ping An stake

China's insurance regulator said Friday it had approved British bank HSBC's sale of its 15.57 percent stake in Ping An, the country's second largest life insurer, to a Thai conglomerate in a $9.4 billion deal. The green light from the China Insurance Regulatory Commission (CIRC) came just hours before a deadline for approval, and followed media reports that the deal might collapse.
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