HSBC Prevails Against Shareholder Push for Breakup, JPMorgan Cautious on ASEAN Markets
HSBC shareholders have rejected a proposal backed by its largest investor, Ping An, to spin off its Asian operations, which account for nearly half of its revenue. The bank's management had urged shareholders to vote against the proposal, arguing that being global is central to its strategy and that a spinoff would mean losing revenue. Ping An and some other investors have criticized HSBC for not doing enough to bolster its China-facing businesses and for siphoning off money from them to buttress slower-growing operations in the West.
