China’s Ping An Insurance Group Co raised its stake in HSBC Holdings Plc, cementing its position as the lender’s biggest shareholder.

Ping An Asset Management Co, a unit of the insurer, bought 10.8 million shares of HSBC on Wednesday, according to a Hong Kong stock exchange filing on Friday. That brings the group’s stake to 8 percent from 7.95 percent previously. BlackRock Inc, the second-biggest holder, currently owns 7.14 percent.

Ping An purchased the shares at an average HK$28.2859 apiece. HSBC ended Friday at HK$28.20.