HSBC faces shareholder vote on splitting bank

HSBC shareholders will vote on Friday on a proposal by Chinese insurer Ping An to split the bank to seek better returns. HSBC has urged its shareholders to vote down the proposal at its annual general meeting.

Ping An has argued that the bank lags behind international peers and the recent improvement in performance was tied to rising interest rates, which it claims have peaked. The proposal would allow HSBC to retain control over a separate Asia business.

Hong Kong’s exports projected to increase 5% next year, HKTDC Export Index reveals

The Hong Kong Trade Development Council (HKTDC) on Wednesday (9 December) revealed the latest HKTDC Export Index has increased to 36.2 points in the fourth quarter this year, projecting the country’s exports to grow 5 per cent by value next year. HKTDC noted that the index has rebounded from a record low of 16.0 to … Read more