Financial Press, May 27th (Reporter Xu Chuan) Recently, there is a new trend on HSBC's division of regional business.

On May 26, there was market news that HSBC was considering the first public offering of Indonesia's business (IPO), which aimed at Indonesia's growing investment demand.As of now, HSBC has not officially submitted an IPO application, but the sales negotiations have entered the later stage.Regarding the news, the Indonesian Financial Service Administration refused to comment, and HSBC did not respond to the media's comment request.

In fact, HSBC's business has been split for a long time.Earlier, shareholders proposed that HSBC can be divided into two. One is a listed company headquartered in Hong Kong, India, and focuses on Asian business; the other operates business in other parts of the world and is held by companies located in the UK.

As soon as the above proposal came out, it was recognized by investors.As a major shareholder of HSBC, Ping An Group previously responded that "Any investor proposed to help the reform of HSBC's management and help reforms, helping long -term value growth, we all support."

Business splitting is advantageous or disadvantages?Industry insiders said that the cost may increase in the short term, but in the long run, many cases in the past show that the split business for independent listing will not only help improve the enthusiasm of regional management and employees, but also rely on the business of Asia's business.High development potential, further promote profitability, and are expected to restart four annual dividends in the future, bringing investors to "double returns" with stable dividends and valuations.

Why split: The dividend policy changes superimposed in Asia's business

Some opinions believe that the important thrust of splitting business comes from the changes in the HSBC dividend policy.As a traditional high -dividend bid, HSBC once maintained a stable dividend dividend.Data show that before 2019, HSBC dividends four times a year, with a dividend rate of 20%-60%.Such an excellent dividend policy has also attracted institutional investors, including Ping An.From 2017 to 2019, Ping An continued to buy HSBC stocks. At present, Ping An's shareholding accounts for about 8%, which is the largest shareholder of HSBC.

However, the stable dividend rhythm was broken in 2020.On April 1 of that year, HSBC announced that the board of directors decided to cancel the fourth dividend in 2019, and suspended the issuance of issues and mid -term dividends by the end of 2020, and suspended shares to repurchase.It is understood that this decision was due to the seven British -based system -based deposit institutions, including HSBC, received a written notice from the British Central Bank's prudent regulatory bureau to demand the cancellation of dividends.

Therefore, HSBC dispatched only one dividend in 2020, with a cash of each share of $ 0.15.In 2021, although HSBC restored the dividend, the annual dividend was reduced from 4 to two times, and the annual cumulative dividend of 0.25 US dollars was reduced by 50%compared with the past.

In addition to the lower dividend policy than investor expectations, in recent years, the "engine" role of HSBC Asian business is also another major cause.业绩显示，2019至2021年，汇丰在亚洲地区实现的税前净利润分别为184.68亿美元、128.32亿美元、122.49亿美元，占集团税前利润的138.4%，146.2%和64.8%，远高于Other parts of the world.

In the first quarter of 2022, although the Asian region only contributed 48.31%of the Group's adjustment revenue, it achieved a $ 2.857 billion US dollar profit, accounting for 60.71%.At the strategic level, HSBC proposed last year that in the future, the focus is on the Asian market with a faster growth in the Asian business within five years.

In -industry: business split is expected to promote profit growth and valuation rebound

The "boots" of the Asian business split this "boots" have not fallen. Some markets believe that the concerns of HSBC management may focus on the rise in short -term costs and the complexity of regulatory approval.However, from a long -term perspective, the split business of financial institutions may have good business returns and value discovery.

"HSBC splitting does not destroy the original global customer network. On the contrary, the middle and backstage of the financial industry often has integrated effects and scale effects, and channels can be shared through a package transaction agreement under the regulatory system."The Bank of India's separation of Bank of China Hong Kong is the best caseNagpur Stock. Although the structure of BOC Hong Kong is completely independent, it can still fully benefit from the global network channels of the mother through the regulatory requirements of the Indian Bank.The scale efficiency of the background operations in financial institutions has achieved rapid development.Mumbai Wealth Management

On the other hand, the industry's opinion believes that the case of Chongcheng shows that business splitting will help increase valuation.In September 2021, Prudential picked up the US business by selling Jackson Financial and shifting strategic focus to Asia and non -markets.After the split, the results were significantly effective and exceeded market expectations. In 2021, the sales of annual premium equal value increased by 8%to $ 4.194 billion; the profit of new business increased by 13%year -on -year to US $ 2.526 billion.

With the increase of performance, business splitting has reinstated the valuation of Pae Cheng to a certain extent.Lyon Securities pointed out that for high -growth life insurance companies such as Baocheng, the valuation method should be transformed from PE multiple to P/EV multiple.The current market is still valuation of Prudential in general indicators such as PE, and failed to show all the valuations of an increasing life insurance company.With the fixation of the market's cognition, its valuation level will gradually be repaired up, and the stock price will rise in the short term.

In addition, the business in Asia has high development potentialKanpur Wealth Management. Proper independence also helps companies seize regional opportunities, focus on formulating development strategies that match the local market demand, and fully enjoy regional growth dividends.

"HSBC shareholders hope to split market news. In the middle period, the stock price has positive benefits, because the business value of the Asian region can be released." Guo Sizhi, vice chairman of the Hong Kong Stock Analyst Association, previously stated that in the future, HSBC split the Asian business independent listing.Can release value.