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[Live] Zhang Huafeng's Approval of HSBC Causes Hong Kong People to Lose Both Interest and Interest Liu Yixiang: Understand Investors

2020-04-06T02:48:29.251Z

The Legislative Council today (6th) convened a special finance committee for 4 consecutive days. The Secretary for Financial Services and the Treasury Liu Yixiang attended the meeting in the morning to answer questions from Members. Many lawmakers are concerned about the dispute over the suspension of dividend payment by HSBC Holdings (0005). Zhang Huafeng, a member of the financial services industry of the Pakatan Harapan, said that the withdrawal of dividends by HSBC would hurt the hearts of Hong Kong people. He asked whether the government would urge the HKMA and the SFC to request HSBC to withdraw its decision. Liu Yixiang said that he paid attention to the impact of the incident on the citizens, but the decision was made by the board of directors of HSBC based on internal business considerations and the recommendations of the Bank of England. It is believed that the company will explain the policy on business decisions.



Political situation

Written by: Lin Jian

2020-04-06 08:45

Date of last update: 2020-04-06 10:47

The Legislative Council today (6th) convened a special finance committee for 4 consecutive days. The Secretary for Financial Services and the Treasury Liu Yixiang attended the meeting in the morning to answer questions from Members. Many lawmakers are concerned about the dispute over the suspension of dividend payment by HSBC Holdings (0005). Zhang Huafeng, a member of the financial services industry of the Pakatan Harapan, said that the withdrawal of dividends by HSBC would hurt the hearts of Hong Kong people. He asked whether the government would urge the HKMA and the SFC to request HSBC to withdraw its decision.

Liu Yixiang said that he paid attention to the impact of the incident on the citizens, but the decision was made by the board of directors of HSBC based on internal business considerations and the recommendations of the Bank of England. It is believed that the company will explain the policy on business decisions.

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HSBC (0005) announced the suspension of the fourth quarter of 2019 dividends and will not pay dividends this year, triggering uproar. Zhang Huafeng reprimanded at the meeting, and HSBC withdrew the dividend payment, causing those who lived on the dividend to "lose the money" and felt like they were caught in an investment scam. He also said that the Hong Kong people are very supportive of HSBC, and also supported the supply of HSBC during the financial tsunami. Stocks, so the suspension of dividends not only hurt stockholders, but also hurt the hearts of Hong Kong people. He asked whether the government would urge the HKMA and the supervisory authority to require HSBC to withdraw the decision, or to use dividends instead.

Zhou Haoding, a member of the DAB ’s Legislative Council, also said that it is very disappointing that HSBC does not pay dividends. He also said that HSBC has a leading position in Hong Kong, worrying that HSBC ’s decision will trigger a ripple effect, which will cause other companies to follow suit and suspend stock distribution. meaning.

Liu Yixiang responded that due to capital requirements and liquidity, the British Banking Regulatory Authority and the European Union have requirements for banks. The HSBC Board of Directors has made relevant decisions based on internal business considerations and the recommendations of the British Bank. He understands that many investors are affected. The HKMA He and the CSRC have kept contacting relevant institutions to understand the relevant situation.

The Legislative Council Legislative Council Finance Committee

Source: hk1

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