HSBC Loyalists Lose Faith After Stock’s $83 Billion Plunge
- China risk, money-laundering report add to list of troubles
- ‘You want the shares to recover? Don’t even think about it’
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HSBC Holdings Plc’s tumbling stock price is testing the patience of even the bank’s most loyal investors.
Choi Chen Po-sum, a former vice chair of Hong Kong’s exchange who has owned HSBC shares for more than 40 years, now calls her investment a mistake. Simon Yuen, a money manager who has lobbied unsuccessfully for the bank to reinstate its dividend, says the stock’s slump to a 25-year low may have further to go. Ping An Insurance Group Co., HSBC’s biggest shareholder, has passed on opportunities to express confidence in the bank, saying only that its holding is a “long-term financial investment.”