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The China Provincial Coalition protests against the suspension of dividends by HSBC and the SFC and the HKMA to strengthen supervision

2020-04-08T06:06:36.445Z


HSBC announced earlier that it would cancel the fourth dividend originally scheduled to be distributed in mid-April this year, which has caused dissatisfaction among many minority shareholders. The China Provincial Union today (8th) went to HSBC to demonstrate that HSBC would not pay dividends and submitted a petition. Alliance Chairman Peng Changwei said that nearly 100 members have purchased HSBC shares, criticized banks for backfire, and demanded that the SFC and the HKMA strengthen supervision.


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Written by: Zhang Jiamin

2020-04-08 13:57

Date of last update: 2020-04-08 13:57

HSBC announced earlier that it would cancel the fourth dividend originally scheduled to be distributed in mid-April this year, which has caused dissatisfaction among many minority shareholders.

The China Provincial Union today (8th) went to HSBC to demonstrate that HSBC would not pay dividends and submitted a petition. Alliance Chairman Peng Changwei said that nearly 100 members have purchased HSBC shares, criticized banks for backfire, and demanded that the SFC and the HKMA strengthen supervision.

They once tried to deliver letters to the headquarters office. (Photo by Zhang Jiamin)

Four members of the China Provincial Union went to the HSBC headquarters in Central to protest in the morning and submitted a petition letter to the representatives. Chairman Peng Changwei criticized HSBC's decision to pay dividends by the intervention of the British government. He asked HSBC to explain the direction of the dividend, and urged the SFC and the HKMA to strengthen supervision, not excluding protests from the British Consulate. He pointed out that there are about 100 active members in the alliance, most of them have bought HSBC shares.

One of the members, Mr. He, is a retired person, and his wife sold car parking spaces for about 2 million in February, and used part of the money to buy HSBC shares. At that time, the purchase price was about 50 to 60 yuan. He denounced that HSBC was not honest, and he also pointed out that many people invested "coffin books" in banks, fearing that they would lose their money. Another member, Mr. Wang ’s family, bought HSBC shares. He said that the suspension of dividends has not been affected to a large extent, but he questioned HSBC ’s use of dividends to help the UK rescue the market.

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Source: hk1

All news articles on 2020-04-08

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