Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
  Report
Delayed Quote. Delayed London Stock Exchange - 07/09 11:38:40 am
373.9 GBX   -2.54%
07/08Global shares rise despite coronavirus fears; gold gains
RE
07/08Global shares rise despite coronavirus fears; gold gains
RE
07/08EUROPE : HSBC and Nokia drag European stocks lower amid virus worries
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Some global firms consider moving treasury operations out of HK: sources

share with twitter share with LinkedIn share with facebook
06/03/2020 | 09:09am EDT
A general view of skyline buildings, in Hong Kong

By Sumeet Chatterjee

Some global companies are considering shifting some of their treasury operations out of Hong Kong as the United States moves to end the city's privileges, senior bankers said, in the latest blow to the territory's status as a major financial hub.

U.S. President Donald Trump has begun the process of eliminating special U.S. treatment for Hong Kong to punish Beijing's decision to impose new national security laws there - which China and Hong Kong say will not hurt rights and freedoms.

Against the backdrop, a handful of global firms are eyeing a move of some of their corporate treasury operations to countries like Singapore, Malaysia, Thailand, and Vietnam, four senior bankers with knowledge of the matter said.

"Companies' treasury operations follow trade flow and now there are many questions around Hong Kong's status as a trade hub," said a Hong Kong-based banker with a leading global trade finance bank.

Trade flows could be hit if the end of Hong Kong's special relationship with the United States sees the city's goods subject to the same - higher - rates paid by companies in mainland China, which has been fighting a trade war with the United States. Hong Kong's zero tariff rates on U.S. imports could also be at risk.

"Some (multinational corporations) are considering shifting a part of their treasury operations (out of Hong Kong) to start with and then gradually scale it up," the banker said.

A leading U.S. retail chain, which operates hundreds of stores around Asia, is already in early talks with its banks to move some cash management related operations to Singapore from Hong Kong, the banker said.

The bankers, who declined to be named due to the sensitivity of the matter, help companies set up the treasury centres and manage them. They are in talks with the companies about their likely relocation plans but said there was no strict timeline.

If it happens, the development would deal another blow to Hong Kong's status as a major financial hub, following widespread pro-democracy protests last year.

Already there are signs rich Chinese are seeking to park fewer funds in Hong Kong.

But the Hong Kong Monetary Authority (HKMA), the city's de-facto central bank, told Reuters via e-mail that interests from corporates in setting up treasury operations in Hong Kong remained strong.

"There is no noticeable sign of fund outflow from either the Hong Kong dollar or banking system," it said.

SINGAPORE EDGE

The end of the preferential treatment could hurt Hong Kong's hard-fought progress in competing with Singapore for treasury operations centres - which manage risk, borrowing, lending and raise capital for companies - in Asia.

While Singapore has historically had the edge thanks to its low tax base and pro-business policies, Hong Kong recovered some ground in recent years as the HKMA unveiled sweeping tax measures in 2016.

Chinese and global companies favour Hong Kong to run their treasury operations and reroute enormous amounts of trade via the city lured by the presence of large trade finance banks, ease in capital flow and access to foreign exchange liquidity.

All of this could come under threat if the U.S. pulls the plug on Hong Kong's special relationship.

"These political moves will see global companies putting in place back-up plans for their critical treasury operations," said another banker with an European bank.

(The story refiles to corrects to delete extraneous word in the headline).

(Reporting by Sumeet Chatterjee; Editing by Ana Nicolaci da Costa)

Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. -2.79% 940 End-of-day quote.-1.57%
BASE CO., LTD. -1.56% 4430 End-of-day quote.63.87%
BASE, INC. 9.43% 6150 End-of-day quote.250.43%
HSBC HOLDINGS PLC -2.70% 373.3 Delayed Quote.-36.93%
HUB CO., LTD. -0.50% 594 End-of-day quote.-42.99%
SET 0.25% 1365.81 Real-time Quote.-13.55%
STANDARD CHARTERED PLC -1.56% 428.8 Delayed Quote.-39.81%
THE GLOBAL LTD. -4.50% 212 End-of-day quote.-54.99%
share with twitter share with LinkedIn share with facebook
Latest news on HSBC HOLDINGS PLC
07/08Global shares rise despite coronavirus fears; gold gains
RE
07/08Global shares rise despite coronavirus fears; gold gains
RE
07/08EUROPE : HSBC and Nokia drag European stocks lower amid virus worries
RE
07/08London shares fall for second day as virus concerns dull rebound hopes
RE
07/08Gold storms past $1,800 towards new record high
RE
07/08Trump aides weighed proposals to undermine Hong Kong?s dollar peg - Bloomberg
RE
07/07HSBC : Trump aides weighed proposals to undermine Hong Kong?s dollar peg - Bloom..
RE
07/07HSBC : to cut 38% of global banking and markets jobs in France
RE
07/06UK stocks clock best day in nearly three-weeks on stimulus hopes
RE
07/06EUROPE : China recovery hopes, upbeat data lift European shares; HSBC leads
RE
More news
Financials (USD)
Sales 2020 50 208 M - -
Net income 2020 4 954 M - -
Net Debt 2020 - - -
P/E ratio 2020 21,0x
Yield 2020 3,14%
Capitalization 95 321 M 95 403 M -
EV / Sales 2019
Capi. / Sales 2020 1,90x
Nbr of Employees 235 047
Free-Float 98,1%
Chart HSBC HOLDINGS PLC
Duration : Period :
HSBC Holdings plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 5,33 $
Last Close Price 4,71 $
Spread / Highest target 83,8%
Spread / Average Target 13,2%
Spread / Lowest Target -27,3%
EPS Revisions
Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
May Lung Cha Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
HSBC HOLDINGS PLC-36.93%97 762
JPMORGAN CHASE & CO.-33.07%284 243
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-15.17%268 029
CHINA CONSTRUCTION BANK CORPORATION-3.27%213 714
BANK OF AMERICA CORPORATION-35.35%200 407
BANK OF CHINA LIMITED-14.41%146 034