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An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favour of a proposal to restructure the lender’s business at its annual general meeting on May 5.
Ken Lui, leader of the “Spin Off HSBC Asia Concern Group,†has hired Alliance Advisors, a firm specialising in shareholder engagement to help in identifying and contacting HSBC investors.
The activist shareholder is seeking to put further pressure on the lender as a clash with its biggest shareholder Ping An Insurance Group Co is becoming increasingly heated. The meeting on May 5 in Birmingham will test investor support for efforts to boost dividends and seek more information on potentially restructuring the bank’s Asian operations.
Lui said that Alliance Advisors has reached out to key institutional shareholders and he has set up meetings with six to seven of them, with others still being scheduled. He had a zoom call with representatives from Ping An’s asset management team and they indicated they would support him, he said.