Feb 22, 2022
HSBC: wandering wealthy challenge Asia strategy
The strategy led by the chief executive of HSBC has coincided with a sharp increase in billionaires in the region over the past two years, delivering a big boost to profits. HSBC's return on tangible equity was 8.3 per cent last year, up from 3.1 per cent the year before. A $451mn charge against Chinese property exposure, which totals about $20bn, shows that HSBC cannot escape the sector's mounting woes. The stock remained flat after HSBC announced that addition to its current $2bn programme of stock repurchases. HSBC shares have risen 50 per cent from a September low, and are now looking pricey.
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