Core Insights - HSBC Holdings is set to announce its third-quarter 2025 results, with expectations of a year-over-year decline in revenues and earnings [1][9] - The consensus estimate for earnings is $1.65 per share, reflecting a 2.9% decrease from the previous year, while sales are estimated at $16.83 billion, indicating a roughly 1% decline [2] Investment Banking Performance - Investment banking revenues are anticipated to have increased due to a rebound in global mergers and acquisitions, driven by a strong U.S. economy and favorable regulatory conditions [3][4] - The IPO market showed significant growth in the third quarter, contributing to increased equity and debt underwriting fees for HSBC [4] Trading Revenues - Client activity and market volatility were robust, influenced by uncertainties regarding tariffs and Federal Reserve policy changes, leading to solid performance in HSBC's trading business [5] Interest Income - Interest income is expected to have improved slightly, supported by a mixed approach to interest rate adjustments by central banks and a modest rise in loan demand [6][7] Expense Management - Despite HSBC's historical ability to control expenses, overall costs are projected to be high due to investments in market share growth and digital capabilities, alongside an organizational overhaul [7] Litigation Impact - HSBC will recognize a $1.1 billion provision related to litigation from the Luxembourg Madoff fraud, which is expected to affect the bank's common equity tier 1 ratio by approximately 15 basis points [9][10]

The Bernie Madoff investment scandal was uncovered in 2008 but it is still reverberating on banks’ balance sheets today. HSBC said Monday that it has set aside $1.1 billion to cover litigation by investors who lost money in the Ponzi scheme. One of the bank’s European businesses was in charge of looking after money and administration for funds that invested with Madoff’s company. One of those funds, Herald Fund, sued it in 2009 after the scandal came to light, saying the bank should repay billions of doll ...

Core Viewpoint - HSBC Holdings announced a share buyback program, indicating confidence in its financial position and future growth prospects [1] Group 1 - The company will repurchase 1.2972 million shares at a total cost of HKD 134 million [1] - The buyback price range is set between HKD 102.9 and HKD 103.5 per share [1]

Group 1: Avidity Biosciences and Novartis Deal - Avidity Biosciences (NASDAQ:RNA) stock surged 42% in premarket trading following Novartis (NYSE:NVS) agreeing to acquire the company for $12 billion [3][4] - Novartis will pay $72 per share in cash, which represents a 46% premium over Avidity's closing price on the previous Friday [4] - RBC Capital Markets analyst Luca Issi described the acquisition as a "bullish signal for biotech" [4] Group 2: Dyne Therapeutics - Dyne Therapeutics (DYN) shares increased by 21% in premarket trading, with Jefferies analyst Andrew Tsai indicating that the company is likely to benefit from Novartis's acquisition of Avidity [4] Group 3: HSBC and Madoff Fraud Case - HSBC is facing a $1.1 billion loss related to the Bernard Madoff investment fraud case, as a Luxembourg court ruled against its local unit [6] - The bank will record a provision in its third-quarter results following the court's decision, which upheld part of a claim for securities but overturned the cash restitution part [6][7] - HSBC shares fell by as much as 2% in early trading due to this ruling [7] Group 4: Market Trends - HIVE Digital Technologies (NASDAQ:HIVE) shares rose by 6% after the company reported exceeding 22 exahash per second in global bitcoin-mining capacity, reflecting a 267% year-to-date growth [8]

Core Viewpoint - HSBC Holdings is set to recognize a provision of $1.1 billion in Q3 2025 related to the Luxembourg court ruling on the Herald Fund SPC case, which is tied to the Bernard Madoff Ponzi scheme. This provision, while categorized as a significant special item, is expected to negatively impact the CET1 ratio by approximately 15 basis points, potentially leading to a negative market reaction. JPMorgan and market consensus have differing expectations for HSBC's impairment charges in 2025, with JPMorgan maintaining an "Overweight" rating and a target price of HKD 122 [1]. Group 1 - HSBC has faced legal challenges since 2009 related to the Madoff fraud case, with the Herald Fund SPC seeking to recover $2.5 billion in securities and cash, or $5.6 billion in damages (including interest). The Luxembourg court recently rejected HSBC's appeal regarding the recovery of securities but accepted the appeal for cash recovery, prompting HSBC to file a second appeal. The total claims related to Madoff fraud, including those from four other pending lawsuits, amount to $5.2 billion (including interest) [2]. - The market is likely to scrutinize whether the $1.1 billion provision is sufficient given the total claim amount of $2.5 billion from the Herald Fund lawsuit and the additional claims from other lawsuits. The litigation process may be lengthy, creating ongoing uncertainty [3]. - The increase in provisions may raise concerns about the management's guidance of a 40 basis point credit cost for FY 2025, despite the provision being classified as a significant special item. The $1.1 billion provision will also lead to a 15 basis point decline in the CET1 ratio, posing a downside risk to share buybacks [3].

就诉讼背景：自2009年起，汇控一直面临与Bernard Madoff欺诈案相关的卢森堡法律诉讼，其中Herald Fund SPC要求追回25亿美元的证券及现金，或56亿美元的损害赔偿(均含利息)。10月24日，卢森堡法院 驳回了汇丰就证券追回的上诉，但接纳了现金追回的上诉，促使汇丰提出第二次上诉。在此期间，汇丰 将于2025年第三季度确认11亿美元拨备，对CET1比率造成约15个基点的影响。由于上诉程序仍在进行 且索偿金额计算复杂，最终财务影响仍存在不确定性。值得注意的是，除Herald外，另有四宗与Bernard Madoff欺诈案相关的未决诉讼，总索偿金额(包括Herald)达52亿美元(含利息)。 智通财经APP获悉，摩根大通发布研报称，汇丰控股(00005)公布会在今年第三季计提11亿美元拨备，此 举与卢森堡法院就Herald Fund SPC一案的裁决有关，该基金为投资于Bernard Madoff's(马多夫)庞氏骗 局。尽管此拨备属于重大特殊项目，且不会影响经调整ROTE及股息，但将对普通股权一级比率(CET1) 造成约15个基点的影响，料股价反应负面。需注意，摩根大通及综合市场共识对汇控2 ...

HSBC will set aside $1.1 billion to cover litigation by investors who lost money in Bernard Madoff's fraud, the latest global bank to face a significant hit from litigation dating back years. Bloomberg's Tom Metcalf reports. ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年10月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00005 | 說明 | | 普通股(每股0.50美元) | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 佔有關事件前的現 ...

为应对潜在风险，汇丰控股宣布将在2025年第三季综合财务业绩中计提11亿美元拨备，该笔拨备将对集 团的普通股权一级资本比率带来大约15个基点的影响。公告同时明确，这笔拨备将归类为"重大须予注 意项目"，不会影响2025财政年度"不计及须予注意项目"的平均有形股本回报率，也不会对年内股息分 配造成冲击。汇丰在公告中表示将按计划于10月28日公布2025年第三季业绩。 智通财经APP获悉，汇丰控股(00005)跌近2%，截至发稿，跌1.65%，报101.4港元，成交额17.84亿港 元。 消息面上，10月27日，汇丰控股发布公告，公布与马多夫诈骗案相关的最新进展。公告显示，汇丰控股 旗下卢森堡子公司HSBC Securities Services Luxembourg（下称"HSSL"）收到卢森堡最高法院最新判 决，法院驳回其要求Herald Fund SPC（下称"Herald"）归还证券申索的上诉，但接纳其就现金申索提出 的上诉。公告表示，HSSL将向卢森堡上诉法院提出第二次上诉，若败诉，将在后续诉讼中对需支付金 额提出抗辩。由于第二次上诉尚未审结，且归还金额存在复杂性和不确定性，最终财务影响可能有重大 不同 ...

为应对潜在风险，汇丰控股宣布将在2025年第三季综合财务业绩中计提11亿美元拨备，该笔拨备将对集 团的普通股权一级资本比率带来大约15个基点的影响。公告同时明确，这笔拨备将归类为"重大须予注 意项目"，不会影响2025财政年度"不计及须予注意项目"的平均有形股本回报率，也不会对年内股息分 配造成冲击。汇丰在公告中表示将按计划于10月28日公布2025年第三季业绩。 消息面上，10月27日，汇丰控股发布公告，公布与马多夫诈骗案相关的最新进展。公告显示，汇丰控股 旗下卢森堡子公司HSBC Securities Services Luxembourg（下称"HSSL"）收到卢森堡最高法院最新判 决，法院驳回其要求Herald Fund SPC（下称"Herald"）归还证券申索的上诉，但接纳其就现金申索提出 的上诉。公告表示，HSSL将向卢森堡上诉法院提出第二次上诉，若败诉，将在后续诉讼中对需支付金 额提出抗辩。由于第二次上诉尚未审结，且归还金额存在复杂性和不确定性，最终财务影响可能有重大 不同。 汇丰控股(00005)跌近2%，截至发稿，跌1.65%，报101.4港元，成交额17.84亿港元。 ...