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BoE dividend pressure reignites HSBC domicile debate
Some directors and executives push to move bank’s base to Hong Kong after payout canceled

HSBC said on 1 April they would cancel their dividends and not launch any share buy-backs in 2020 after a financial regulator in the United Kingdom asked the country’s biggest lenders to suspend payments to investors and not pay cash bonuses to senior staff in light of the coronavirus pandemic roiling economies worldwide.

The moves sent their stocks into a tailspin. HSBC’s shares plunged 9.5 percent to close at HK$39.95 in Hong Kong on Wednesday, the lowest point since March 2009more ...

Filippo Gori, CEO for J.P. Morgan, Asia Pacific, said: “China represents one of the largest opportunities for many of our clients and is a critical component of J.P. Morgan’s growth plans in Asia Pacific, and globally. J.P. Morgan has a long history in China – fast approaching 100 years – and we are very focused on making sure we are well positioned for many more successful decades to come. We continue to invest across the full spectrum of our business areas to ensure that we consistently deliver for our clients in China and across the region, leveraging our global network to connect more global investors to the country.”

Mark Leung, CEO of J.P. Morgan China said: “This is a major milestone and we are looking forward to entering our next exciting phase of growth with greater capabilities. J.P. Morgan is deeply encouraged by the tremendous progress made by the Chinese government. We are fully committed to investing our global resources and expertise to serve our clients and support the financial market development in China; as well as to advance China’s national priorities for poverty alleviation, risk mitigation, and the environment.”more ...

A consortium of the Fung family -- which started the trading business over a century ago -- and Singapore-based GLP Pte Ltd., a logistics warehouse operator and investor, has offered HK$1.25 per share in the privatization deal, said a statement on Friday. That represents a premium of about 150% to the stock’s last closing price.more ...

China is eyeing "new infrastructure" projects to offset the economic impact of COVID-19 and boost sustainable growth.

Rather than resorting to a massive government-led stimulus to shore up growth, China is seeking more targeted investments in projects that facilitate innovation and improve weak areas in economic and social development.

In 2019, China approved 26 infrastructure projects with a total expected investment of 981.7 billion yuan, a drop of 66.33 per cent from the 1.48 trillion yuan approved investment for the 27 infrastructure projects in 2018, according to the NDRC.more ...