HSBC Shares Continue Its Fall In Hong Kong

Shares of HSBC and Standard Chartered continue to slide for a third day in Hong Kong after they came under pressure over reports that they allegedly helped move billions of dollars worth illicit funds.

HSBC shares slumped to a fresh 25-year low on Wednesday morning, losing almost 3 percent to below HK$28. Standard Chartered shares were on roller coaster ride, losing sharply at opening and then edging up to gain 0.5 percent an hour into the first session, trading at HK$34.30.

The two banks were among the lenders named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by BuzzFeed News.

HSBC was under additional pressure as reports had said that Beijing plans to put the bank on the list of "unreliable entities". Its shares started sliding from its perch around HK$32 from Monday when these leaked report and the Chinese warning surfaced.

In 2009, the bank launched a more than HK$100 billion rights issue, allowing shareholders to buy new shares at HK$28 each.