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HSBC has hit again at accusations from its greatest investor that it exaggerated the price of spinning off its Asian operations, saying that doing so would lead to a “materials lack of worth” for its shareholders.

HSBC and insurer Ping An, which owns 8 per cent of the financial institution’s inventory, have exchanged blows forward of the UK-listed lender’s annual common assembly in two weeks.

Ping An has referred to as for splitting up the financial institution, although has thus far failed to draw assist from proxy advisers.

“Structural reforms of HSBC’s Asia Pacific companies steered by Ping An would considerably dilute the worldwide enterprise mannequin upon which HSBC’s technique relies,” the financial institution stated in an announcement on Wednesday afternoon.

“This might lead to a fabric erosion of earnings, returns, dividends and shareholder worth”.