Research Insights | CICC: HSBC focuses on its core business areas, continues to strengthen its moat, and maintains an "outperform" rating

Glonghui, June 1 – According to a report published by CICC, HSBC Holdings recently held a company day event to provide a detailed introduction to its strategy and business specifics. Beginning in January 2025, the company will restructure its business and emphasize a dual-local universal banking model combined with cross-border operations. HSBC states that it has now become the No.1 universal bank in Hong Kong (China), the leading trade bank in the UK, the top transaction bank in Asia, and Asia’s No.1 wealth management bank, having outstanding competitiveness in all four key business segments. The report notes that, at an investor seminar in Asia, HSBC highlighted that Hong Kong is a global leader in cross-border wealth management, with cross-border asset management expected to grow by approximately USD 1 trillion by 2029. According to the company’s CEO, since 2023 about two-thirds of HSBC Hong Kong’s new retail clients have been non-Hong Kong residents; more than 50% of Hang Seng Bank’s new clients are from mainland China.