1320 GMT - Hong Kong-based insurers won't be meaningfully impacted by new rules impacting mainland Chinese investors' use of Hong Kong bank accounts, Jefferies' Philip Kett writes in a note. A report in the South China Morning Post said Bank of East Asia's Shanghai branch put a pause on new accounts in response to the rules, which demand mainland investors prove all funds in Hong Kong accounts originate outside of mainland China. Though the new rules will likely create more friction for financial institutions in the region, they aren't aimed at causing significant disruption to the system, Kett says. "There will be almost no impact on the life insurance industry." Prudential shares slide 7.2%, while HSBC and Standard Chartered fall 3.6% and 5%, respectively.(josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
June 04, 2026 09:20 ET (13:20 GMT)
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