Ann: VTG FY Results Announcement and Presentation, page-13

comparing the top 20 shareholders list from 2021 vs 2020 looks like citi has gone up from 18.5m to 22.9m shares (11.3% to 13.8%) but did not offset big decline from HSBC 33.7m to 18.5m (20.5% to 11.2%). it looks like that big change has been the major driver of the SP drop. HSBC were on top of the top 20 list 2017-2020 (19.3m, 25.6m, 34.9m, 33.7m 18.5m respectively). that was a big change with none of the major shareholders taking up the slack except a bit from citi.