Chinese regulatory opposition is building to a deal in which US private equity group TPG plans to sell its controlling stake in a Chinese bank to Ping An Insurance, the country’s second-largest insurer, for a profit of more than 450 per cent.

Ping An plans to pay at least $1.68bn for TPG’s 17 per cent controlling stake in Shenzhen Development Bank and buy up to $1.57bn in new shares from the bank to give it a combined stake of up to 30 per cent in SDB.