The bank was named as a possible candidate for China's "unreliable entity list".
HSBC’s Hong Kong shares slid below its financial crisis low and hit trading at lowest since 1995, reports Bloomberg, based on bourse data.
Shares sunk below their closing low for March 2009, hitting as low as HK$29.60, as they extended this year’s plunge to about 50%. Echoing a decline in London on Friday, its Hong Kong shares are trading at the lowest since 1995.
The lender faces mounting pressures on several fronts including a potential threat to its expansion plans in China.
HSBC is a possible candidate for China’s “unreliable entity list” that aims to punish firms, organizations or individuals that damage national security, the Communist Party’s Global Times newspaper reported 19 September.
A day later, HSBC was among global banks named in a report by the International Consortium of Investigative Journalists on lenders that “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties on the institutions.
Here’s more from Bloomberg.
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