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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  BOC Hong Kong (Holdings) Limited    2388   HK2388011192

BOC HONG KONG (HOLDINGS) LIMITED

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Hong Kong banks shutter branches again after COVID cases hit record high

07/20/2020 | 12:01am EST

HONG KONG, July 20 (Reuters) - HSBC, Standard Chartered and other banks in Hong Kong closed branches or curtailed their working hours on Monday after a spike in the number of new coronavirus cases in the Asian financial hub.

Hong Kong recorded more than 100 cases in a 24-hour period over the weekend, the most since the pandemic took hold in late January.

The rise in cases took the tally close to 2,000 patients, 12 of whom have died.

Hong Kong banks shut scores of branches in late January when the first wave of the coronavirus cases hit the city. These later reopened as case numbers dropped.

Bank of China (Hong Kong) said in a statement on Monday it would suspend services at nine branches due to the spread of the virus. It had already suspended services at three branches, one of which reopened on Monday.

HSBC said in a separate statement it would temporarily close two business centres for commercial banking and three mobile branches operating from trucks, and shorten operating hours at all branches.

HSBC subsidiary Hang Seng Bank closed one branch for 14 days for deep cleaning after a member of staff preliminarily tested positive for COVID-19, it said on Sunday.

Standard Chartered and Bank of East Asia said they would shorten branch opening hours.

On Sunday, Hong Kong Chief Executive Carrie Lam announced tighter coronavirus restrictions with non-essential civil servants told to work from home.

Amusement parks, gyms and 10 other types of venues will remain closed for another seven days, while a requirement for restaurants to only provide takeaway after 6.00 p.m. was extended. Face masks will be mandatory in indoor public areas.

(Reporting by Alun John and Sumeet Chatterjee; Editing by Muralikumar Anantharaman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.74% 2.72 End-of-day quote.-18.32%
BOC HONG KONG (HOLDINGS) LIMITED -1.96% 24.95 End-of-day quote.-7.76%
HANG SENG 0.47% 26923.44 Real-time Quote.-4.49%
HANG SENG BANK LIMITED -0.07% 136.9 End-of-day quote.-14.97%
HSBC HOLDINGS PLC 1.76% 404.85 Delayed Quote.-31.60%
STANDARD CHARTERED PLC 0.54% 463.7 Delayed Quote.-34.91%
THE BANK OF EAST ASIA, LIMITED 1.46% 16.64 End-of-day quote.-4.37%
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Financials
Sales 2020 54 219 M 6 996 M 6 996 M
Net income 2020 28 160 M 3 633 M 3 633 M
Net Debt 2020 - - -
P/E ratio 2020 9,74x
Yield 2020 4,97%
Capitalization 266 B 34 375 M 34 377 M
Capi. / Sales 2020 4,91x
Capi. / Sales 2021 4,90x
Nbr of Employees 14 867
Free-Float 33,9%
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Technical analysis trends BOC HONG KONG (HOLDINGS) LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 28,12 HKD
Last Close Price 25,20 HKD
Spread / Highest target 36,5%
Spread / Average Target 11,6%
Spread / Lowest Target -4,76%
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Managers
NameTitle
Lian Ge Liu Chairman
Xiang Qun Zhong Chief Operating Officer
Yang Sui Chief Financial Officer
Beng Seng Koh Independent Non-Executive Director
Savio Wai-Hok Tung Independent Non-Executive Director
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