Date
24 March 2017
Traders and subscribers conduct business on the spot (inset) after yesterday's release of the HSBC commemorative banknote. Photo: HKEJ
Traders and subscribers conduct business on the spot (inset) after yesterday's release of the HSBC commemorative banknote. Photo: HKEJ

HSBC anniversary banknote tanks on spot market

So much for the hype and the heat over the HSBC anniversary banknote.

Subscribers waited up to three hours in 32-degree weather outside two main collection centers Tuesday to get their allocation.

But spot traders were offering less money for the commemorative bill than expected — up to half the asking price.

A subscriber tried to sell single banknotes for HK$800 (US$103) each but got a HK$500 offer, Apple Daily reported Wednesday, citing its own reporter.

The HK$150 note, bought at a subscription price of HK$380, had been expected to draw up to HK$1,000 on the secondary market.    

Offers for an uncut 35-piece set, worth HK$23,880, fell to HK$24,000 just hours after hitting HK$40,000 in the morning.

Mainland collectors were skeptical about the note’s ability to hold its value. The banknote marks the lender’s 150th anniversary. 

Many subscribers decided to hold the note, hoping its value will appreciate over time. 

A bank employee, surnamed Chan, said he expects bullish sales for uncut 35-in-one sheets at up to HK$80,000 each.

But he will settle for HK$40,000 after holding them for a week.

Another subscriber, surnamed Xu, said he will hold out for HK$60,000 to HK$80,00 but will also accept HK$40,000 for the set.

Meanwhile, some customers complained about a chaotic distribution procedure at the Wan Chai Convention Center and Kowloon Bay International Trade and Exhibition Center.

They accused HSBC of failing to police the queues and prevent overcrowding as traders and customers conducted business on the spot.

– Contact us at [email protected]

KZ/AC/RA

A big crowd gathers outside a distribution center in the summer heat. Some customers said the distribution process was chaotic, exacerbated by spot trading on the anniversary banknote. Photo: HKEJ


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