HSBC Holdings breathed a sigh of relief Friday after regulators approved the sale of its stake in Ping An Insurance but analysts labelled the deal a 'mild disappointment'.Thai billionaire Dhanin Chearavanont's company Charoen Pokphand (CP) Group snapped up 976.1m Hong Kong-traded shares in the insurance group for $7.4bn after receiving the green light from the China Insurance Regulatory Commission.Investec analyst Ian Gordon slammed the transaction shortly after the announcement. "Ultimately it came as a surprise - and a mild disappointment - that regulatory approval arrived at the 11th hour to facilitate completion of the agreed disposal of HSBC's 15.6% stake in Ping An at HK$59 per share," he said."We were fully supportive of the strategic rationale for exiting Ping An, but with the shares now trading at circa HK$71 we would have preferred HSBC to be free to walk away from a deal which was set to lapse this afternoon and seek to obtain a higher price elsewhere - a trick which HSBC has performed before."London-based HSBC is set to make a $2.6bn profit out of the deal. HSBC sold its shares in two phases. The first stage it disposed $1.93bn worth of shares on December 7th. The second round, which required approval from regulators, will be transferred by February 6th. Investec maintained its 'hold' rating on the stock and said the bank's historical transactions were "well timed" including the disposal of its London headquarters in 2007 which was sold back to the bank after it racked up too much debt for the purchaser. "The strategic rationale is clear - it is a business with which HSBC had few obvious synergies," Gordon said of the Ping An sale."In our view, this was simply a well-timed 'punt' on China, which has played out well. HSBC can now primarily focus its resources on its own organic build-out and its continuing partnership with, and stake in, BoCom."Shares in HSBC rose 0.21% to 718.20p at 15:23 Friday. RD