BOC Hong Kong (Holdings) (2388.HK): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

BOC Hong Kong (Holdings) (2388.HK): Asia Financials Corporate Day Takeaways

Equity Research

18 June 2026 | 9:56PM SGT

BOC Hong Kong (Holdings) (2388.HK): Asia Financials Corporate Day

Takeaways

Melissa Kuang, CFA

+65-6889-2869 |

melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

Wayne Wang

+65-6889-2866 |

wayne.q.wang@gs.com

Bottom line:

We hosted BOC HK’s investor relations team at our Asia Financial Corporate Day

today. Overall, discussions were centered on evolving Chinese cross‑border

regulatory developments and their implications for client activity, alongside asset

quality and margin dynamics. BOC HK indicated that recent cross‑border policy

changes introduce additional requirements which may weigh on near‑term

sentiment, but are primarily aimed at reinforcing the use of formal and compliant

investment channels. For now, BOC HK highlighted the (1) Continued opening of

Investment accounts with additional signed declarations; (2) asset quality remains

stable, although 1Q credit cost is unlikely to repeat with caution remaining around

Hong Kong CRE; (3) NIM in 2Q could remain relatively stable sequentially with higher

HIBOR partly offset by deposit competition; (4) swap income may remain weaker

given lower liquidity available for such activities; (5) fee income remains weak year on

year in 2Q but could be broadly stable sequentially; and (6) capital return plans

remain under review with no negative developments, pending regulatory approval.

Key takeaways:

n Cross‑border regulations were the primary focus, with BOC HK highlighting

that investment account onboarding is continuing as long as KYC and AML

standards are satisfied with the need to sign declarations confirming that funds

are sourced legally from outside mainland China. Existing accounts may also be