Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An.
LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company.
The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.