CP Group of Thailand head had confirmed that its earnings from the Ping An transaction would be reinvested in China. Billionaire Dhanin Chearavanont, the Chairman of the Charoen Pokphand Group, shared this in the annual Boao Forum in China.
The CP Group bought the Ping An stake from HSBC with help from UBS. The total cost was US$7.4 billion and was approved after clearance by regulators.
The move to acquire more assets in China, using the Ping An revenues comes after his comments saying the Chinese market is a 'very good expansion opportunity for us and we will continue looking to buy stakes and make acquisitions.'
He added, "I am very optimistic about China's growth." The businesses of the CP Group include agriculture to retail and telecommunications.
In speaking before the Boao Forum, he encouraged ethnic Chinese to change their business models to mergers and acquisitions in China. Dhanin's father and uncle hail from Guangdong and moved to Thailand.
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