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HSBC Holdings plc (HSBA.L)

LSE - LSE Delayed Price. Currency in GBp
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415.50-0.35 (-0.08%)
At close: 4:35PM BST
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Previous Close415.85
Open414.70
Bid414.80 x 0
Ask414.90 x 0
Day's Range412.15 - 416.10
52 Week Range281.50 - 466.54
Volume19,180,981
Avg. Volume25,548,684
Market Cap84.861B
Beta (5Y Monthly)0.59
PE Ratio (TTM)30.55
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.11 (2.60%)
Ex-Dividend DateMar 11, 2021
1y Target EstN/A
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    • South China Morning Post

      Huawei's Meng Wanzhou wins bid to delay extradition hearings by three months, extending marathon case

      Huawei Technologies executive Meng Wanzhou has won an application to adjourn her Canadian extradition case for more than three months in light of new evidence being provided by HSBC bank, throwing the schedule for the already-marathon case into disarray. The final phase of the legal battle, which has already lasted 28 months and has upended China's relations with Canada and the US, had been scheduled to begin next week. But Associate Chief Justice Heather Holmes ruled in the Supreme Court of British Columbia on Wednesday that Meng's bid to adjourn the case should be granted so the defence can examine the bank documents they believe may be relevant. Meng's lawyers had said on Monday that some of the material has already been provided by HSBC, with more expected to be delivered over the next six weeks. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Holmes vacated three weeks of court hearings scheduled from April 26 to May 14. She ordered them rescheduled on or about August 3. The decision scrambles the end game for the case. Holmes, Meng's lawyers and the Canadian government lawyers representing US interests will hold a conference on April 28 to chart a new path forward for the case. In her brief oral ruling, which included no reasons for the decision, Holmes said new applications that result from the HSBC evidence would have to be made before August 3. Written reasons for the decision will be forthcoming, she said. HSBC agreed to turn over documents to Meng - who is Huawei's chief financial officer and the daughter of company founder Ren Zhengfei - after settling a case with her in the High Court of Hong Kong. Previously, HSBC had defeated another request to turn over the material in the British courts. The Canadian Department of Justice's top lawyer, Robert Frater, representing US interests, had said it was "inexplicable" that HSBC had acquiesced to Meng in Hong Kong, considering the bank had "won on every point" in the British case. Frater, whose team opposed the application, had characterised Meng as engaging in a global fishing expedition for evidence that had no place in the Canadian extradition hearing and should instead be presented at a US trial. But Meng's lawyers had claimed the material from HSBC could support their contention that US authorities have deceived the Canadian court, and Meng's extradition should therefore be thrown out. Meng is accused by US authorities of defrauding HSBC by lying to the bank about Huawei's business dealings in Iran, thus putting the bank at risk of breaching US sanctions. She was arrested at Vancouver's airport on December 1, 2018, and has been fighting a US request to have her extradited to face trial in New York ever since. Her treatment has infuriated Beijing. The new HSBC material is said by Meng's lawyers to relate to the relationship between Huawei and HSBC and two subsidiaries - Skycom, through which Huawei did business in Iran, and a shell company called Canicula. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.

    • South China Morning Post

      Meng Wanzhou seeks three-month delay to marathon extradition case, citing new evidence from HSBC

      Meng's lawyer Richard Peck told Associate Chief Justice Heather Holmes that the "modest" adjournment was necessary as a matter of "fundamental fairness", and he denied "just trying to string this out". Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Canadian government lawyers, representing US interests in the case, cried foul. "Two and a half years from the start of these proceedings, countless hours spent fashioning a schedule agreed by both sides, and mere days from reaching the finishing line, the applicant asks this court to take a several month pause," they said in a written response. "Her request should be denied." In court, the Canadian Department of Justice's top lawyer, Robert Frater, said: "There is literally no basis for this request ... they are asking once again to have this court turn itself into a trial court." It was only Meng's "unlimited resources" that allowed her to file the application, he said. Meng's lawyers claim the material from HSBC may boost their case that US authorities have deceived the Canadian court and Meng's extradition should therefore be thrown out. The delay was needed "to obtain, review, assess, and, if justified, seek to introduce relevant evidence that is reasonably believed may assist in demonstrating that the requesting state has mislead this court and Canadian authorities", they wrote in their adjournment application. HSBC has agreed to provide material to Meng as a result of a consent order granted by the High Court of Hong Kong on April 12. "[There] is a reasonable inference that the Hong Kong HSBC disclosure that the applicant will receive may include evidence ... establishing that the ROCs [records of the case] are misleading," the BC court application said. Meng, who is Huawei's chief financial officer and the daughter of company founder Ren Zhengfei, is accused by US authorities of defrauding HSBC by lying to the bank about Huawei's business dealings in Iran, thus putting the bank at risk of breaching US sanctions on the Middle Eastern country. She was arrested at Vancouver's airport on December 1, 2018 and has been fighting a US request to have her extradited to face trial in New York ever since. BC has recently been averaging about 1,000 new Covid-19 cases per day. The Canadian government lawyers' response says there is no evidence that the new material would be either admissible or relevant. The request "is the latest in a series of attempts to turn these proceedings into a trial that should properly take place in the requesting state", they wrote. Material related to the Hong Kong court's consent order was provided to Holmes in a sealed envelope. But some terms of the order seemed to prevent it being seen by anyone except the Hong Kong court, Meng and HSBC, Holmes said. The sealed envelope "puts the [BC] court in a very awkward position ... one doesn't go into a sealed envelope to find the authority to open it", said Holmes. After receiving agreement from both sides, Holmes said the material - which has already been redacted - should be put on the record but subjected to a publication ban. The forthcoming material, which Peck called "likely highly relevant", would relate to the relationship between Huawei and HSBC and two subsidiaries - Skycom, through which Huawei did business in Iran, and a shell company called Canicula - he said. "This could be of great value to the final decision in this case," Peck added. The material would be "copious" but it would be reviewed by his team in a "focused and expeditious manner", Peck promised. "No one here desires to adjourn this case for an adjournment's sake," said Peck, calling the requested three-month delay "short in the context of this case" and noting that Meng's behaviour forming the basis of the charges had occurred in 2013. That was a reference to a meeting between Meng and a HSBC banker in a Hong Kong teahouse, at which she delivered a PowerPoint presentation about Huawei's Iran business. Peck said his team had already received a first batch of the HSBC documents, with another batch due on Tuesday and more within six weeks. Holmes asked if Peck had considered proceeding with the existing April 26-May 14 court dates, then asking to reopen the hearings if demanded by the new documents. The judge said she had not planned to issue any decisions immediately upon the conclusion of the three weeks in question. But Peck said there was a risk of "throwing away time" on arguments that would need significant amendment later. Government lawyer Frater told Holmes the eleventh-hour delay request was unacceptable. "My lady, this process must come to a conclusion. Extradition hearings are supposed to be expeditious," he said. He told Holmes that she had no way of knowing what was in the HSBC material, and only the word of Meng's and Huawei's lawyers that it would be relevant and delivered soon. "They do not know what is in these documents and they do not know when they are going to get them," Frater said. As for the Hong Kong settlement, Frater said it was "inexplicable" that HSBC had agreed to provide the material, considering that the bank had "won on every point" in a prior attempt to secure the material through the British courts. But in Hong Kong, HSBC had acquiesced to Huawei "for reasons known only to themselves". Regarding the risk posed by Covid-19, Frater said his team was willing to take whatever steps the court deemed necessary, such as by conducting them entirely remotely. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.