HSBC shareholders in Hong Kong revolt over canceled dividend

Group trying to lure 5% of investors to force extraordinary general meeting

MICHELLE CHAN, Nikkei staff writer, and NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent

April 6, 2020 20:29 JST

HONG KONG -- A group of Hong Kong-based retail investors who own 2% of HSBC Holdings' shares are demanding a scrip dividend in place of the cash distribution that was canceled by the bank for the first time in 74 years under pressure from U.K. regulators, and are threatening to mobilize to force a special shareholders' meeting.