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Jul 28, 2020

HSBC Holdings fell nearly 1%, reportedly researching and selling European and American businesses

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HSBC Holdings bucked the trend and fell 0.71% to 35.1 yuan; about 2.4 million shares were traded, involving an investment of 84.48 million yuan, 62% of the initiative was sold. According to foreign news reports, HSBC Chairman Du Jiaqi is evaluating the group’s operations in Europe and the United States and the possibility of selling related businesses.

At present, the Hang Seng Index reported 24 833, up 230 points or 0.94%, and the main board turnover was 17.468 billion yuan. The Shanghai Composite Index reported 3,231, up 26 points or 0.82%, with a turnover of 80.469 billion yuan. The Shenzhen Stock Exchange Component Index reported 13 101, up 124 points or 0.96%, with a turnover of 106.207 billion yuan.

According to sources quoted by foreign news agencies, HSBC executives discussed with the Bank of England executives about possible intervention in the linked exchange rate in Hong Kong and the impact of the incident on HSBC. The sale of European and American businesses is one of the countermeasures considered.

HSBC is under increasing pressure. As part of the future conflict between the two countries against Huawei and Hong Kong, the bank has been continuously criticized by the Chinese and American authorities. HSBC is listed in London, but it accounts for half of its revenue in Asia, and Hong Kong is its biggest source of personal profits, but it has failed to avoid political disputes as it did in the past.

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