Hong Kong: End of HSBC myth? · Global Voices
Oiwan Lam

Yesterday (March 9) HSBC Holding, Europe's biggest bank, and an Elephant in Hong Kong Hang Seng Index plunged 24% to HK$33, its lowest level since 1995. Since the beginning of financial crisis, many Hong Kong people believe that the city will not be hit directly by the tsunami (partly because of China factor). However, as HSBC has been viewed as the foundation of Hong Kong's economy, the plunge to HK$33, is a hard hit to people's confidence.
A cable TV economic news commentator could not help shedding tear when the price was down to HK$33 during the auction period in the last minute before the market closed. The clip was circulated widely via youtube and becomes a hot topic today:
Those Were the days blogs a number of phone conversations on HSBC:
上午已收到A的電話，他說匯豐股價「唔多掂」，但仍死守38元上下。A說去到38元水位，他過去在匯豐的投資，已蒸發掉三分之一左右，若再跌下去，他不知應否供股
When HSBC plunged to HK$33:
B說匯豐跌至如此水平，已不是個別企業升跌的問題了，那，已是維繫港人信心的問題：港人普遍相信、甚至迷信，全世界股票跌到七個一皮，匯豐也是不會大跌的，所以為何一個又一個關鍵價位，港人散戶總會組成血肉長城，想頂住匯豐股價！匯豐與廣大香港散戶，已是血脈相連！
下場咖啡局是C，匯豐跌至33元，他歴年在匯豐的投資，已不見了三分二左右，還要動用流動資金供股，但，可有一對仔女在英、加讀大學。C說，他曾計劃十年八載退休時，可靠匯豐、恒生股息養老，現在，一切已成泡影之餘，還要面對流動資金緊張的情況，他，已決定減少不必要的消費，包括計劃中的復活節外遊了。
再之後是大迷信D的電話。他說特區政府拆掉天星碼頭之後，匯豐股價江河日下，明顯天星破壞了匯豐風水之言，並非沒有根據，為香港、為廣大匯豐散戶，他強烈要求天星碼頭原址重建…….
Mimi has not been affected by the crisis but pointed out that Hong Kong people should learn from Buddha's teaching:
數十年來, 匯豐控股 的股票 在港人心中是現金的代名詞, 是派息保障的同意詞, 是保障中的保障, 穩定中的穩定, 昨日一日暴挫十元五角, 跌至33元, 股評主持人當場淚洒機前, 整個港島一遍哀聲. 老咪在賺了點小錢的情況下,一早已出了匯控, 手上的幾十股碎股, 也從來沒放在心上, 只當散錢, 留給兒子無妨, 但多少香港人受惠於父輩, 靠匯豐股息讀書, 甚至過日子.
以前看這樣的老友, 會贊他福氣, 但私下會想: 這就是人的生存方程式? 今時今日, 再三思考此問, 惊覺, 此海嘯來勢猛烈, 明顯就是沖著我們自覺成功的生存方式而來, 所有我們過往以為的, 了解的, 信任的人, 機構, 甚至體系, 在這次大的沖擊下變得不了解, 甚至無法信任. 一切所為何事? 老咪不想說服任何人, 只想告知自己: 這世界是想讓我們知道:
一切有為法, 如作夢幻泡影, 如露也如電, 應作如是觀. (金剛經)
Ev'rything which derives from karma
are just like a dream, a mirage, a bubble, a reflection,
a drop of dew or a lightning flash,
which is a way a man of insight should take. (translation from zftrans)
Today, HSBC's stock price bounced back to about HK$38 and  Securities and Futures Commission is reviewing the last minute auction arrangement before market close.