HSBC is expected on Friday to defeat a proposal by Hong Kong-based investors, backed by its biggest Asian investor Ping An, which calls for the lender to consider spinning off its Asia business.
A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siuis expected on Friday to defeat a proposal by Hong Kong-based investors, backed by its biggest Asian investor Ping An, which calls for the lender to consider spinning off its Asia business.and its supporters face an uphill battle to secure the 75% of votes cast needed to pass the special resolutions.
HSBC has asked investors to vote against the proposals, saying they would destroy shareholder value, and so far no other big institutional investors have signalled they are in favour. Lui told CNBC News in an interview broadcast ahead of the meeting that he had emailed all of HSBC's top 50 investors and eight had replied, who he had met either over video calls or in person to discuss his resolutions.
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