HONG KONG--HSBC Holdings PLC (HBC) said Monday it is in discussions on the possible sale of its stake in Chinese insurer Ping An Insurance (Group) Co. of China Ltd. (2318.HK).

The comments follow a report Monday that said the banking giant plans to sell its entire 15.6% stake in Ping An. The report by the Chinese-language Hong Kong Economic Journal, citing unnamed sources, said Charoen Pokphand Group, which is backed by Thai businessman Dhanin Chearavanont, may be one of the parties interested in buying the stake.

Responding to the report, HSBC said in a statement that it has "from time to time received approaches regarding its shareholding and confirms that it is in discussions which may or may not lead to the sale of the shares."

HSBC said in the brief statement it will make further announcements "if or when appropriate."

HSBC first bought a stake in Shenzhen-based Ping An in 2002, two years before the insurer's Hong Kong listing, and is currently the single-biggest shareholder of the company. Ping An is China's second-largest life insurer by premiums after China Life Insurance Co.

Write to Hong Kong Bureau at djnews.hk@dowjones.com

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