According to a stock exchange filing the insurer increased its stake shares up from 7.95% – an additional 10.8 million shares, also further cementing its position as HSBC’s largest investor.
The bank’s Hong Kong shares hit HK$29.60 earlier this morning. In London, HSBC dropped by 3.3%, in comparison to a benchmark of -1.7% on the FTSE 100 Index.
This takes the shares of the bank’s largest market to -51% so far in 2020, compared to Citigroup’s -44% and JP Morgan’s -29%.
This comes after recent allegations that the bank had assisted in the arrest of Huawei CFO Meng Wanzhou in Canada in 2018 during the American investigation of Huawei Technologies Co, which also resulted in serious trade penalties for China.