uk.finance.yahoo.com

Prudential, HSBC and Standard Chartered Fall as China Taxes Offshore Insurance Returns

HSBC logoHSBC
Sig2.74Sen-5.18Env0.00Soc-0.82Gov-0.30
Prudential Financial logoPrudential Financial
Sig3.40Sen-6.90Env0.00Soc-0.80Gov0.00
Standard Chartered logoStandard Chartered
Sig2.85Sen-6.20Env0.00Soc-1.20Gov0.00

Prudential shares plunged 11.6% after reports that China has begun taxing returns from offshore insurance policies, threatening demand from mainland customers. The sell-off spread to HSBC and Standard Chartered, both down over 6%, weighing on London’s index. Beijing and Hangzhou cases cite a 20% tax on returns from Hong Kong-sold policies.

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