HSBC's 19.9% stake in Bank of Communications, China's fifth largest bank by assets, is considered a more important holding, worth about $9.8 billion. HSBC also has an 8% stake in Bank of Shanghai, a 62% stake in Hang Seng Bank Ltd, and a 13% stake in Industrial Bank Co. The bank has over 130 branches in China and its own life insurance operation through a joint venture with National Trust Ltd. 5. Finally, reputation could be an issue. Revelations that relatives of outgoing Chinese premier Wen Jiabao made at least $2.7 billion from his position of power include the fact that his mother had a stake in Ping An worth $120 million. Other points to consider in this deal, as noted by Reuters : The sale will need approval from China's insurance and banking regulators, which limits the field of buyers somewhat. China has typically only allowed financial groups to own stakes in its big banks and insurers.