Beijing’s attack on HSBC is a blow to Hongkongers, but all is not lost

HSBC shares have plunged to a record low, falling below the HK$28 per share price during its rights issue during the global financial crisis. While shareholders grieve, for many Hongkongers, the stock’s recent decline indicates the end of the Hong Kong-bred bank’s heydey. Both the global and local political climate have played a role in HSBC’s downfall. After the 2008 financial crisis, HSBC, which once went global with the vision of being “the world’s local bank”, met its Waterloo in the…

from South China Morning Post https://www.scmp.com/comment/opinion/article/3103806/beijings-attack-hsbc-blow-hongkongers-all-not-lost