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Yahoo BusinessSep 28, 2020
HSBC Posts Biggest Intraday Jump Since 2009 After Selloff
(Bloomberg) -- HSBC Holdings Plc rose the most in Hong Kong trading since 2009, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.Ping An Insurance Group Co., which last week bought 10.8 million shares to boost its stake to 8%, remains confident in HSBC's long-term prospects, a spokesperson said. The recent slump in the share price and valuation only increases HSBC's appeal, the spokesperson said. "Ping An believes HSBC's suspension of dividend payments is a short-term issue and has been actively communicating with the lender about the possibility of restoring dividends in the future," the spokesperson said.HSBC shares on Monday rose as much as 8.5%, the biggest intraday gain since April 2009, clawing back some of last week's 8.9% loss. They were up 7.8% to HK$30.40 as of noon in Hong Kong.The bank had plunged to 25-year low in part on speculation a massive bet on China could be thwarted. The ruling Communist Party's Global Times newspaper reported that the bank could be put on an "unreliable entity" list that aims to punish firms, organizations or individuals that damage national security. It has rankled China over its participation in the U.S. investigation of Huawei Technologies Co.At the behest of U.K. regulators, the bank suspended its dividend payments earlier this year."Ping An's investment is giving a little reason for the gain today, but HSBC's problems are still there," Steven Leung, an executive director of Uob
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