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<Research>JPM Forecasts Negative Stock Reaction to HSBC HOLDINGS USD1.1B Provision for Madoff Fraud Litigation
HSBC HOLDINGS (00005.HK) announced it would set aside USD1.1 billion in provisions in 3Q25, a move related to the Luxembourg court's ruling on a case involving Herald Fund SPC,...
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<Research>JPM Forecasts Negative Stock Reaction to HSBC HOLDINGS USD1.1B Provision for Madoff Fraud Litigation
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HSBC HOLDINGS (00005.HK)  -0.300 (-0.230%)    Short selling $900.85M; Ratio 129.638%   announced it would set aside USD1.1 billion in provisions in 3Q25, a move related to the Luxembourg court's ruling on a case involving Herald Fund SPC, a fund that invested into Bernard Madoff's Ponzi scheme, JPMorgan said in its research report.

Although this provision is considered a significant special item and will not affect HSBC HOLDINGS' adjusted ROTE or dividends, it will still impact the company's CET1 ratio by around 15 bps, which is expected to spark a negative stock reaction.

JPMorgan kept an Overweight rating on HSBC HOLDINGS with a target price of HKD122. Given the aforementioned uncertainties, the broker continued to favor STANCHART (02888.HK)  -3.600 (-2.154%)    Short selling $9.24M; Ratio 32.781%   over HSBC HOLDINGS.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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