<p>Hong Kong: HSBC Chairman Mark Tucker told the bank's shareholders in Hong Kong on Wednesday a spin-off of its Asian business will not happen.</p><p>"There is no appetite amongst our shareholder base, as demonstrated by last year's AGM results, to vote for a spinoff. That will not happen," Tucker said at the meeting in response to a shareholder's question.</p><p>HSBC defeated a resolution last year from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business.</p>.Asia shares get a steady 2024 start with busy data calendar in focus.<p>At the time, the company said the majority of its institutional and retail investor base backed the board and the structure of the bank.</p><p>The bank in February reported its 2023 pretax profit jumped 78% to $30.3 billion, but still missed a consensus estimate of $34.1 billion, largely due to a $3 billion impairment on its stake in China's Bank of Communications.</p><p>HSBC had also announced a new $2 billion buyback, an annual dividend of $0.61 per share and the intention to pay a special dividend of $0.21 per share once it completes the sale of its Canada business.</p>
<p>Hong Kong: HSBC Chairman Mark Tucker told the bank's shareholders in Hong Kong on Wednesday a spin-off of its Asian business will not happen.</p><p>"There is no appetite amongst our shareholder base, as demonstrated by last year's AGM results, to vote for a spinoff. That will not happen," Tucker said at the meeting in response to a shareholder's question.</p><p>HSBC defeated a resolution last year from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business.</p>.Asia shares get a steady 2024 start with busy data calendar in focus.<p>At the time, the company said the majority of its institutional and retail investor base backed the board and the structure of the bank.</p><p>The bank in February reported its 2023 pretax profit jumped 78% to $30.3 billion, but still missed a consensus estimate of $34.1 billion, largely due to a $3 billion impairment on its stake in China's Bank of Communications.</p><p>HSBC had also announced a new $2 billion buyback, an annual dividend of $0.61 per share and the intention to pay a special dividend of $0.21 per share once it completes the sale of its Canada business.</p>