HSBC HOLDINGS : Feedback from Hong Kong

Research evidence excerpt

HSBC HOLDINGS : Feedback from Hong Kong

EQUITIES

BANKS

HSBC HOLDINGS NEUTRALPRICE* 1,327p  TARGET PRICE 1,450p (UPSIDE 9%)

HSBC HOLDINGS ADR NEUTRALPRICE* USD88.5  TARGET PRICE USD97 (UPSIDE 10%)

FLASH NOTE

Feedback from Hong Kong

21 MAY 2026 Securities Research Report Production time: 10:10* (London time)

Research Analyst & Publishing Entities

Guy Stebbings, CFA BNP Paribas London Branch (+44) 203 430 8618 guy.stebbings@uk.bnpparibas.com

What happened?

HSBC has been hosting its CMD investor event in HK this week (alongside STAN – see link), focussing principally on

its franchise in Asia. Spending time in HK and conveying with local management and politicians/regulators, it’s

impossible to ignore the vibrancy in the region right now, reflected in Wealth flows and IPO activity. HSBC presented

well on its compelling proposition, with understandable excitement on the Wealth opportunity. Most of the colour through

the presentations/breakouts reinforced existing views, with the time spent with Hang Seng helpful in further

understanding the merits of the acquisition. One area receiving less focus was loan growth in the region. Messaging on

simplification actions was as expected/on track, but there is clear opportunities / demand for investment.

Our views are largely unchanged, albeit this update serves as a reminder of the differentiated growth outlook for HSBC

(and STAN) versus much of our European listed Banks coverage universe.

Further Details

Introductory remarks: Supportive messaging on geo-politics and market developments in HK & China

The recent Trump visit to China was called out as a success from China perspective, with good co-operation and

supportive of stability in the South China Sea. There was an emphasis on the importance of HK and commitment to 1