HSBC beat forecasts with first-half profits on Monday. But a single word still dogs the Asia-focused lender like a guilty conscience: dividends. Ping An, the biggest institutional shareholder, has mooted a break-up. As a result, retail investors have rarely held so much power.

Reported profit after tax of $9.2bn in the six months to June was stronger than expected, thanks to higher interest income and currency trading gains. Operating expenses fell. HSBC raised its near-term return on tangible equity goal to at least 12 per cent from next year.

Some retail investors in Hong Kong may feel a demerger of HSBC’s Asia business via a Hong Kong listing would serve their interests better. The unit produced nearly two-thirds of HSBC’s pre-tax profit last year. Private shareholders still resent HSBC’s dividend cancellation following pressure from the Bank of England during the pandemic.