HSBC’s Hong Kong-listed shares rose 6 per cent on Monday as investors welcomed the events of an action-packed Friday that saw the bank threaten to shift its headquarters out of London.
HSBC attracts one of the biggest bank levies, a tax applied by the UK and based on its global balance sheet. Its $1.1bn UK bank levy is scheduled to rise to $1.8bn under the current government or nearly $2.3bn under Labour plans — adding piquancy to the timing of HSBC’s announcement, just ahead of UK elections.
Shares in HSBC, listed in Hong Kong, rose as much as 6 per cent to HK$78.25 in morning trading on Monday, a six-month high. If that gain is held, it would make for the biggest one-day rise since August 2009.