HSBC Shareholders Vote Down Proposal to Spin Off Asia Business

HSBC shareholders rejected proposals backed by Ping An Insurance to split off the bank's Asian operations.
Ping An, HSBC's largest shareholder, had advocated for strategic reforms to boost the bank's dividends and share price.
Retail investors and activist Ken Lui also supported restructuring HSBC's Asia business, claiming it would unlock more value.
HSBC's board and CEO opposed the spin-off proposal, arguing it would destroy shareholder value and that the bank's turnaround plan was working.
HSBC reported strong first-quarter results this week, announced buybacks and dividend restoration, bolstering management's position.