The Hongkong and Shanghai Banking Corporation was founded in Hong Kong on March 3, 1865, and in Shanghai one month later. In 1980, HSBC acquired 51 per cent of Marine Midland Bank, buying the rest in 1987. HSBC Holdings was established in Britain in 1991 as the parent of The Hongkong and Shanghai Banking Corporation ahead of its purchase of the UK-based Midland Bank and the impending 1997 transfer of sovereignty of Hong Kong from Britain to China.
Hang Seng Index fails to hold above 21,000
The Hang Seng Index cleared the 21,000-point hurdle yesterday morning for the first time since early September last year but could not hold the line, as skittish investors retreated on speculation that upcoming earnings announcements could disappoint the market.
The index climbed 1.87 per cent before finishing at 20,796.43, down 10.83 points or 0.05 per cent.
HSBC Holdings surged 6.95 per cent, adding 218 points to the index, following better than expected interim results after the market close on Monday and news yesterday it had hired advisers for its planned Shanghai listing.
'Even though HSBC was good, the market still reversed direction,' said Ricky Tam Siu-hing, a director at Champlus Asset Management. 'After HSBC, a lot of blue chips will announce interim results, and most are expecting that these results won't be that good.'