HSBC Shares Plummet After $3 Billion China Bank Stake Writedown

HSBC Shares Dive After $3 Billion Writedown of China Bank Stake

HSBC, the U.K.-based banking giant, experienced a significant decline in shares following a $3 billion writedown of its stake in China’s Bank of Communications. As a result, the company’s quarterly profits plummeted by 80%. HSBC, which generates most of its earnings in Asia, saw its shares fall by 7% on Wednesday as investors reacted to the news.