HSBC has been fined approximately USD 537,683 by Hong Kong regulators due to alleged disclosure failures.
According to the announcement, the bank failed to properly disclose investment banking relationships with Hong Kong-listed companies in more than 4,200 research reports published between 2013 and 2021.
More information about the situation
The move follows HSBC’s self-report and a joint investigation by the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority, according to the regulators. The problems were caused by deficiencies in HSBC’s data recording and mapping in multiple systems. Yet, there is no evidence of client losses resulting from the disclosure issues. According to Reuters, HSBC mentioned that the incident is in the past now, and it has already remediated its systems and controls.
Historically, the SFC fined Credit Suisse (Hong Kong) and Credit Suisse AG a total of approximately USD 358,000 for failing to disclose their investment banking connections in certain research reports on securities published between 20006 and 2016. Earlier in 2025, Hang Seng Bank, which is 62 per cent owned by HSBC, was also fined, with a ticket worth approximately USD 8.51 million for overcharging clients for investment products.
Other updates from HSBC
In June 2025, the company invested in the A2A payments firm Token.io to expand its use of Token.io’s technology and roll out applications for Pay by Bank services. The decision to invest in Token.io reflects HSBC’s confidence in the company’s technology and the broader potential of Open Banking to modernise payments for both consumers and businesses. Token.io’s platform is built on real-time payment networks and Open Banking frameworks, enabling direct bank transfers without the use of cards or intermediaries.
The initiative follows HSBC’s partnership with Ant International, launching a Tokenised Deposit Service in Hong Kong, enabling real-time HKD and USD payments and transfers between corporate wallets at HSBC Hong Kong.
