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In Chinese deals, it ain’t over till it’s over

HSBC and Thailand’s richest man may have a happy Chinese new year after all. Regulators on Feb. 1 approved the sale of the U.K. lender’s remaining stake in Chinese insurer Ping An to Thailand’s CP Group. Rejigging the financing allowed the Thais to rescue a sweet deal and HSBC to avoid an embarrassing flop. But the apparently happy ending leaves much to be explained.