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Jan 31, 1999

Wake-up call

Hong Kong's government stepped into the market last August and loaded itself up with HK$118 bn worth of stock

When the management of Hongkong & Shanghai Bank headed into work on the morning of August 28 last year, the last thing they expected to see was the Hong Kong government entrenched as their largest shareholder. Nonetheless, with an investment of $4 bn, the Hong Kong Special Administrative Region (SAR) had purchased 8.8 percent of HSBC Holdings. The fact that the bank's principal regulator had accumulated substantial voting rights along the way must have had the IR team wondering what

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