HSBC Wins in Shenzhen Fray.

(From SinoCast China Financial Watch)

SHENZHEN, June 20, SinoCast -- Moving toward building a financial services empire, Ping An Insurance, whose single largest stake is held by HSBC, becomes the preferred buyer of Shenzhen Commercial Bank out of the ailing bank's six bidders. Ping An, China's No.2 insurer by market share, has won the first negotiation right to acquire over 60% of the city lender, a people with direct knowledge of the deal said. Ping An has established a banking joint venture with its British shareholder. Among its strong bidding rivals are Credit Suisse, the Swiss lending group, and Canada's Scotiabank, which has already invested in another Chinese …