[HSBC Losses] Major League Union says it has contacted 3,000 shareholders to make 4 major recommendations

Financial News

Written by: Hu Xueneng, Zhai Ziqian

2020-04-06 14:10

The HSBC Minority Shareholders' Equity Alliance (hereinafter referred to as the Grand Alliance), together with Shunyu Asset Management, convened the HSBC Holdings (0005) minority shareholders to convene an extraordinary general meeting, and made four recommendations to require HSBC to reply as soon as possible.

Major League Union pointed out that more than 3,000 real-name shareholders have been contacted so far. The total shareholding of the minority shareholders accounted for 2% of the issued share capital of HSBC, and the amount involved was 10 billion yuan.

In response to the requirements of HSBC earlier, in response to the request of the Bank of England through the Prudential Regulatory Authority, the suspension of the fourth dividend payment was declared, and it indicated that no dividend will be paid during the year. The major alliance said that the majority of shareholders expressed regret for this and believed that HSBC violated the investor ’s commitment, and The constant practice over the years has affected the reasonable expectations of shareholders and seriously violated the normal operation of the market economy.

The big alliance said that it is consulting the lawyer team to study whether the management of HSBC has made untrue and misleading statements, and explored all the possibilities to protect the rights and interests of investors.

The Major League Union made four recommendations, including the option that HSBC should retain the dividend payment option. The Major League Union believes that this will not reduce the cash reserves of HSBC; it is recommended that senior executives make adjustments and stop issuing director fees for at least one year; call 5 % Of the number of shares, in order to convene a special general meeting to request management accountability; appoint a representative of Hong Kong minority shareholders to enter the board of directors to monitor and bring important issues raised by minority shareholders into the board of directors.

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