HONG KONG : A Hong Kong politician has urged HSBC spin off its Asia business and appoint representatives of Chinese insurer Ping An to its board, as the global lender prepares to meet with Hong Kong shareholders this week.
Since then, the proposal has won support from some retail investors in Hong Kong who were disgruntled with dual-listed HSBC's decision to cancel its dividend payment in 2020. "We suffered the 2020 cancel dividend lesson, that's why we strongly support Ping An should take seats in director board of HSBC," she said.
The banking giant has hired advisers including London-based boutique investment bank Robey Warshaw to assist on a review of its strategy but has not directly commented on Ping An's demands.Fong said the proposal was backed by"more than 500 HSBC retail investors".HSBC's management will have its first physical meeting with Hong Kong shareholders on Tuesday since the COVID-19 pandemic, hosted by Group Chairman Mark Tucker and CEO Noel Quinn.
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