HSBC Holdings PLC’s Hong Kong-listed shares crashed to their lowest closing price in more than a decade on Tuesday, hit by fallout from revelations of the bank’s alleged involvement in facilitating criminal activities and by concerns it may be put on an “Unreliable Entity List” by the Chinese government that could threaten its expansion in the world’s most populous nation.
Europe’s biggest bank by assets saw its shares end the day down 2.05% at HK$28.7 ($3.70) on Tuesday, the lowest close since April 2009, after a 5.3% slide on Monday. Its London-listed shares fell more than 5% on Monday to 288 pence ($3.68), the weakest close since October 1998.
The company was one of several banks named in a report released Sunday by the International Consortium of Investigative Journalists which showed that the lenders continued to do business with certain entities despite U.S. regulators flagging their “suspicious activities”. It has also been seen as a candidate for inclusion on China’s “Unreliable Entity List” which was first flagged by the Ministry of Commerce in May 2019.
Read the full story here.
Contact reporter Tang Ziyi (firstname.lastname@example.org) and editor Marcus Ryder (email@example.com)