HSBC’s sale of its $9.4 billion stake in Ping An Insurance to Thailand’s CP Group has been thrown into jeopardy after state-run China Development Bank voiced concerns over funding for the deal.

A collapse of the deal, Asia’s second biggest MA transaction announced last year, would preclude HSBC Holdings of a $2.6 billion post-tax gain and set back its plans to shed non-core assets. The sources of the story were not authorised to speak publicly.

HSBC agreed late last year to sell the 15.6 per cent stake in Ping An to CP for HK$59 per share. The bank said on December 5th the sale of its stake in the world’s second largest life insurer by market value would be completed in two stages. CP, whose core food businesses are poultry and animal feed, declined to comment, as did HSBC and Ping An.