Core Viewpoint - HSBC Holdings is set to provision $1.1 billion in the third quarter of this year due to a ruling by the Luxembourg court regarding the Herald Fund SPC case, which is linked to the Bernard Madoff Ponzi scheme [1] Group 1: Financial Impact - The $1.1 billion provision is classified as a significant special item and will not affect the adjusted Return on Tangible Equity (ROTE) or dividends [1] - The provision is expected to impact the Common Equity Tier 1 (CET1) ratio by approximately 15 basis points [1] - Market consensus estimates for HSBC's impairment charges in the third quarter of 2025 are $1.3 billion and $1 billion from JPMorgan and the broader market, respectively [1] Group 2: Market Reaction - The additional $1.1 billion provision is not anticipated by the market, leading to expectations of a negative stock price reaction [1] - JPMorgan maintains an "Overweight" rating on HSBC with a target price of HKD 122, but expresses a preference for Standard Chartered over HSBC due to the uncertainties surrounding this provision [1]

Group 1 - HSBC Holdings is defending a claim for the return of securities and cash related to the Bernard L. Madoff Investment Securities LLC fraud case in Luxembourg [1] - The Luxembourg Supreme Court rejected HSBC Securities Services Luxembourg's appeal regarding the return of securities but accepted the appeal concerning the return of cash [1] - HSBC Securities Services Luxembourg plans to file a second appeal to the Luxembourg Court of Appeal [1] Group 2 - HSBC Holdings will recognize a provision of $1.1 billion in its consolidated financial results for Q3 2025, impacting the group's Common Equity Tier 1 capital ratio by approximately 15 basis points [2] - The final financial impact may vary significantly due to the pending second appeal and the complexity and uncertainty related to the determination of the return amount [2] - This provision will be classified as a significant item and will not affect the average tangible equity return or any dividends for the fiscal year 2025 [2]

凤凰网财经讯 10月27日，汇丰控股发布公告，公布与马多夫（内地多翻译为：麦道夫）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。 汇丰控股计划于2025年10月28日公布2025年第三季业绩。凤凰网财经《银行财眼》将持续关注。 ...

Core Viewpoint - The London-based bank is currently involved in a legal dispute where a unit is defending a claim from Herald Fund SPC regarding the restitution of securities and cash related to the Bernard L. Madoff Investment Securities LLC case [1] Group 1 - The bank's unit is actively defending against a lawsuit brought by Herald Fund SPC [1] - The lawsuit pertains to restitution claims involving securities and cash [1] - The case is linked to the infamous Bernard L. Madoff Investment Securities LLC [1]

Core Insights - SoftBank is progressing towards completing its $30 billion investment in OpenAI, with a recent board approval for a $22.5 billion restructuring plan aimed at facilitating a public offering [1][2][3] Funding and Financials - The new funding is crucial for OpenAI to cover its increasing costs, which are projected to reach $16 billion this year and $40 billion next year, alongside a budget of $100 billion through 2030 for compute expenses [4] - OpenAI had $7.6 billion in cash at the end of last year and anticipates a cash burn of $115 billion over the next four years, yet continues to attract investors at rising valuations, recently achieving a valuation of $500 billion [5] Strategic Developments - OpenAI's launch of ChatGPT Atlas represents a significant shift in its platform strategy, integrating its AI assistant directly into web browsers, which positions it against established players like Google Chrome and Apple Safari [6] - This integration allows users to interact with web pages contextually and perform actions without switching between tools, enhancing productivity [6][7]

Core Viewpoint - HSBC will recognize a provision of $1.1 billion in its third quarter results due to a court ruling related to the Bernard Madoff investment fraud case [1] Group 1: Legal Proceedings - The court denied HSBC's Luxembourg unit's appeal regarding the restitution of securities but accepted the appeal concerning the cash restitution claim [2] - HSBC plans to pursue a second appeal before the Luxembourg Court of Appeal and may contest the amount to be paid in subsequent proceedings if unsuccessful [2] Group 2: Financial Implications - Herald Fund SPC has claimed a restitution of $2.5 billion plus interest or damages of $5.6 billion plus interest from HSBC [3] - Various non-U.S. HSBC companies provided custodial and administration services to funds that invested with Bernard Madoff Investment Securities [3]

汇丰补充称，将在第三季度业绩中计入拨备，预计对其普通股一级资本比率的影响约为15个基点。 该银行补充称，这笔拨备将被视为"重大值得注意的项目"，不会影响其扣除值得注意项目的全年有形权 益回报或股息支付。 汇丰控股周一表示，在卢森堡法院对与麦道夫（Bernard Madoff）投资欺诈案有关的长期诉讼作出裁决 后，将在其第三季度业绩中计入11亿美元的拨备。 汇丰作为多家投资于伯纳德·麦道夫投资证券公司的基金的服务提供商，卷入了这起丑闻。Herald Fund SPC于2009年起诉汇丰卢森堡子公司，要求归还其称在欺诈中损失的资产。 汇丰表示，卢森堡上诉法院10月24日驳回了汇丰证券服务卢森堡公司（HSSL）就Herald Fund SPC索赔 的证券赔偿提出的上诉，但接受了其就另一项现金赔偿索赔提出的上诉。 HSSL现在将向卢森堡上诉法院提出第二次上诉。该银行表示，如果失败，其将在随后的诉讼中对支付 的金额提出异议。 来源：环球市场播报 汇丰指出，考虑到未决的上诉和计算赔偿数额的复杂性，最终的财务影响可能与目前的估计有很大不 同。 ...

Core Viewpoint - HSBC Holdings will recognize a provision of $1.1 billion in its third-quarter results due to a Luxembourg court ruling related to the Bernard Madoff investment fraud [1][2]. Group 1: Legal Proceedings - The Luxembourg Court of Cassation denied HSBC Securities Services Luxembourg's appeal regarding the restitution of securities claimed by Herald Fund SPC but accepted an appeal on a separate cash restitution claim [2]. - HSBC will pursue a second appeal before the Luxembourg Court of Appeal, and if unsuccessful, it will contest the amount to be paid in subsequent proceedings [2]. Group 2: Financial Impact - The provision of $1.1 billion is estimated to impact HSBC's common equity tier 1 (CET1) capital ratio by around 15 basis points [3]. - This provision will be classified as a "material notable item" and will not affect the full-year return on tangible equity excluding notable items or the dividend payout [3]. Group 3: Future Considerations - Given the pending appeal and complexities in calculating the restitution amount, the eventual financial impact could differ significantly from the current estimate [4]. - The case originates from Herald Fund SPC's claim for restitution of securities and cash lost in the collapse of Bernard L. Madoff Investment Securities LLC, which was involved in one of the largest Ponzi schemes in history [4].

Core Viewpoint - HSBC Holdings is involved in a legal dispute related to the Bernard L. Madoff Investment Securities LLC fraud case, with implications for its financial performance in 2025 [1][2] Group 1: Legal Proceedings - HSBC Securities Services Luxembourg (HSSL) is defending against claims for the return of securities and cash related to the Herald Fund SPC [1] - The Luxembourg Supreme Court rejected HSSL's appeal regarding the return of securities but accepted the appeal concerning the return of cash [1] - HSSL plans to file a second appeal with the Luxembourg Court of Appeal [1] Group 2: Financial Impact - HSBC Holdings will recognize a provision of $1.1 billion in its consolidated financial results for Q3 2025, impacting the common equity tier 1 capital ratio by approximately 15 basis points [2] - The final financial impact may vary significantly due to the ongoing appeal and the complexity and uncertainty surrounding the determination of the return amount [2] - This provision will be classified as a significant item and will not affect the average tangible equity return or any dividends for the fiscal year 2025 [2]

(香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 與馬多夫詐騙案有關之 Herald Fund SPC 訴訟的最新資料 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 代表 滙豐控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025 年 10 月 27 日 2025 年 10 月 27 日 HSBC Holdings plc 滙豐控股有限公司 與馬多夫詐騙案有關之 Herald Fund SPC 訴訟的最新資料 在 2009 年於盧森堡一宗與 Bernard L. Madoff Investment Securities LLC 詐騙案有關的訴訟 中，HSBC Securities Services Luxembourg（「HSSL」）正就 Herald Fund SPC（「Herald」） 提出歸還證券及現金的申索進行辯謢。我們先前曾就該事件作出披露，詳情請 ...