May 26, 2022
HSBC: false Pru comparison does not support Ping An split plan
HSBC is preparing to float its small Indonesian bank. Similarities between HSBC and Pru break down on closer inspection. Another difference with Pru is that much of HSBC's value comes from its extensive east-west connections. HSBC shares trade at 0.7 times book value. In recent years, HSBC has streamlined its federated structure and pivoted towards China where its roots lie.
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