US Banks To Pull 500 HK-listed Structured Products

Goldman Sachs, Morgan Stanley and JP Morgan units will delist a total of 500 Hong Kong-listed structured products, Hong Kong stock exchange filings on Sunday showed.

The delistings are because of statements last week by the US Office of Foreign Assets Control clarifying a November order from US President Donald Trump which banned Americans from investing in Chinese companies that the US deems to have links with Beijing's military, the filings said.

Bourse operator Hong Kong Exchanges and Clearing said in a statement it was "working closely with the relevant issuers to ensure orderly delisting, and facilitate buyback arrangements being arranged by the issuers".

It added that Hong Kong had the world's largest structured products market with more than 12,000 listed products from 15 issuers and did not believe the delisting would have a "material adverse impact". (Reuters/RTHK)