R&P- If "HSBC" clients are doing selling, it would make sense that their sellers would have the most influence on SP, as "HSBC" holds the most shares. I tend to think that some of the new shareholders from recent offering are selling, putting pressure on the price, figuring they'll be able to buy in lower. It was an Aussie and Asia-subscribed offering, so can't blame this one on the Yanks.
Top 20 shareholders list, page-39
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