HSBC rumored to be listed as unreliable, stock price falls below 30 yuan

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Written by: McCain

2020-09-22 09:36

Last update date: 2020-09-22 09:43

According to mainland official media sources, HSBC is likely to be included in the "Regulations on the List of Unreliable Entities" issued by the Ministry of Commerce of China. The stock price of HSBC Holdings fell below 30 yuan at the opening of the market on Monday (21st) and closed at a low of 29.3 yuan throughout the day.

Guan Zhuozhao, director of the Center for Business and Economic Research of Crown Lands, was interviewed in "Starting on a Sunny Day" at Commercial Taiwan, saying that HSBC was caught in a Sino-US struggle, while being pointed out by the Chinese to sell to Vice Chairman Meng Wanzhou, while in the US it was accused of money laundering. "It looks like Hong Kong people are stunned." In addition, it is unknown how China will punish HSBC in the future. He described holding HSBC as a "loss of money and interest," not only a loss in the book, but also no dividend.

On September 21, the price of Forex Holdings closed at a daily low of 29.3 yuan.

(Information Picture / Photo by Zhang Haowei)

HSBC reported that it was included in the "Regulations on the List of Unreliable Entities" issued by the Ministry of Commerce of China, which caused market reactions. The exchange holding price closed at a low of 29.3 yuan yesterday (21st).

Guan Zhuozhao analyzed in "Starting on a Sunny Day" this morning that HSBC will be very troublesome. First of all, the zero interest environment will be maintained in the next three years, which will affect banking business.

At the same time, HSBC was caught in a Sino-US struggle. The Chinese accused HSBC of betraying Meng Wanzhou, but HSBC’s "understanding" in the U.S. had a record of money laundering. "Do you know how many problems are behind HSBC? I don’t know how to punish him.” He said that HSBC is like Hong Kong today. “It’s just like being stuck.”

Guan Zhuozhao believes that the main business of HSBC is in Hong Kong, and Hong Kong will have many changes in the future and it is difficult to predict its development.

He knows that many Hong Kong people hold HSBC. "No one expected that the (foreign exchange holding price) would fall from a few 60% at the beginning of the year to 30%." He suggested that everyone can change the investment allocation.

Guan Zhuozhao, Director of Crown Domain Business and Economic Research Center.

(Photo by Ou Jiale)

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