HSBC Bank Notes Lure Hong Kong Investors Betting on 100% GainsAlfred Liu
Hong Kong investors lined the streets outside the city’s convention center in Wan Chai on Tuesday to collect HSBC Holdings Plc commemorative bank notes, betting on instant profits of as much 100 percent.
“I’m very excited,” said Laurie Tsang, a 56-year-old driver, who was picking up sets of the HK$150 notes, issued to mark the lender’s 150th anniversary. Tsang had paid HK$25,640 ($3300) and said he’d sell for HK$50,000 to HK$60,000.
Collectors and those hoping to make a quick profit started collecting their notes at two venues on Tuesday. HSBC, which on Tuesday announced plans to cut as many as 25,000 jobs to try to revive profit growth, was founded in Hong Kong and Shanghai in 1865.
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