When HSBC's Asia-Pacific chief executive officer Sandy Flockhart sent out an invitation to a press conference at the bank's Hong Kong headquarters yesterday, no agenda was stated. However, it came as no surprise to the room full of journalists that the key topic was the recent volatility in HSBC's share price.
The stock took a dive last Monday March 2 after HSBC announced a $17.7 billion rights issue. Shareholders are being offered five new ordinary shares for every 12 existing shares at a price of HK$28 $3.61 per new share. The issue, which is being arranged by Goldman Sachs, HSBC Bank and JPMorgan Cazenove, opens for subscription on March 20....
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