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2009-3-4 12:44:00 p.m. HKT, XFNA
DJ MARKET TALK:HSBC Rts Issue May Cost HK$180,000 Per HK Investor
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| 1225 [Dow Jones] If assuming HK investors take up one-third of HSBC's (0005.HK) massive HK$135 billion rights issue and one-quarter of HK's roughly 1 million stock investors hold HSBC, works out to each investor forking out HK$180,000 to participate in rights issue. Partly explains selling pressure on HSBC, as likely some holders dumping stock to avoid having to spend more money. Eventually, HK investors may take up more then one-third of rights issue given so many long-term faithful holders. Also, HK tycoons getting into action, with Cheung Kong's (0001.HK) Li Ka-shing pledging US$300 million to help rights issue go off smoothly, joining bosses of Henderson Land (0012.HK), New World Development (0017.HK), Chinese Estates (0127.HK), who are taking part as sub-underwriters, according to South China Morning Post report. HSBC down 5.6% at HK$43.65.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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