HSBC‘s (HKG: 0005) (NYSE:HSBC) (LSE: HSBA) Hong Kong shares dropped over 7% on Thursday, after the European lender announced plans to privatize its majority-owned local unit, Hang Seng Bank (HKG: 0011), in a deal valued at HK$106.1 billion (about $13.63 billion).
They were last down to HK$103 per share, as the bank said it would refrain from share buybacks in the coming three quarters in order to restore its capital ratio to its operating range.
