Prudential, HSBC tank as China widens insurance taxes.
Asia-focused Prudential and HSBC tumbled on Wednesday following a report that Chinese mainland tax authorities have started levying personal income tax on the returns of offshore insurance policies.
HSBC Holdings
05 August 2026 12:55:17
Source: Sharecast
Tax lawyers and insurance insiders told Caixin that early enforcement cases in Beijing and Hangzhou show authorities applying a 20% tax rate to returns from Hong Kong policies. The levies target dividend payouts and interest earned on prepaid premiums.
At 1250 BST, Prudential was down 9.7% at 988.40p, HSBC was 6.1% lower at 1,487.40 and Standard Chartered was 4.8% weaker at 2,141.00p.
HSBC was already under pressure earlier in the session, hit by rating downgrades by Shore Capital and Citi.
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