HSBC/STAN/FUTU Recent volatility, regulatory signals and onshore investor feedback

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HSBC/STAN/FUTU Recent volatility, regulatory signals and onshore investor feedback

Asia Pacific Equity Research

10 June 2026

HSBC/STAN/FUTU

Recent volatility, regulatory signals and onshore

investor feedback

HSBC/STAN shares have corrected 8%/10% since 1 June, underperforming the Banks & Financial Services

HSI by 4ppt/6ppt, likely reflecting investor concerns about growth and the MCV AC Katherine Lei

back book following the ODI rule announcement. While share price movements (852) 2800-8552

have arguably priced in a meaningful portion of earnings downside, uncertainty katherine.lei@jpmorgan.com

around disruption to medium-term growth guidance could keep investors on the J.P. Morgan Securities (Asia Pacific) Limited/

sidelines until there is greater regulatory clarity. Nonetheless, if the cumulative J.P. Morgan Broking (Hong Kong) Limited

correction since 1 June reaches a mid-teens ppt, we would see this as a compelling Jemmy S Huang

entry point for HSBC/STAN, all else equal. We reiterate our OW ratings in the (886-2) 2725-9870

medium to long term. One positive note is that recent comments from a HK SFC jemmy.s.huang@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited/ J.P.

spokesperson reported in the media help ease regulatory ambiguity and, if Morgan Securities (Asia Pacific) Limited/ J.P.

accurate, support continued MCV onboarding by licensed institutions subject to Morgan Broking (Hong Kong) Limited

relevant requirements. In addition, feedback from our Shanghai marketing Peter Zhang

suggests that onshore investors are more sanguine on the regulatory risk, broadly (852) 2800-8557

aligning with our estimate that MCV contributes a mid- to high-single-digit ppt peter.zhang@jpmorgan.com

share of HSBC/STAN group earnings, even under higher-end assumptions, and J.P.