The challenges faced by global investment banks covering Hong Kong stocks were highlighted on Monday when HSBC issued and then modified an outlook downgrade in which it had raised concerns about the city’s democracy movement.
“We reduce Hong Kong to ‘underweight’ on concerns about negative news flow,” HSBC analysts wrote in the bank’s Global Equity Insights Quarterly report on Monday morning. “Occupy Central, a campaign for greater democracy, could sour relations with China and may hurt the economy.”
No further grounds were given for cutting the rating at that time.
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