HSBC's HQ is Not Based in Hong Kong
Another enraged investor surnamed Lee reportedly criticized HSBC for merely complying with the rules of the U.K. regulator, questioning the safety of Hong Kong depositor money should it be under threat by the Bank of England.
As much as Hong Kong’s government would welcome HSBC with open arms to relocate its headquarter to its founding origin, it has been based in London since 1992 when it moved due to post-acquisition regulatory obligations.
Despite its deep roots in a region where it generates the vast majority of its profits, compliance with a subsidiary’s jurisdiction over the holding group’s jurisdiction would make little business or legal sense, let alone the call of a retail investor group.
HSBC Shares Are Not Social Security Instruments
HSBC shares along with many other high-dividend stocks have acted as not only yield enhancers for investors but, in too many cases, the sole source of income for many years. This exposes insufficient support from existing social security programs and an unhealthy reliance on private rather than public means to make ends meet.
«I have no job and my husband has died [two years ago]. I need the HSBC dividend to support my living,» said a 76-year old shareholder surnamed Lai last week, according to an «SCMP» report, who was allegedly due to receive around $2,100.
«Without the income, I do not know how to survive.»
