RE: HSBC holdings & New products9 Jul 2021 12:22
Agreed, one would have expected the share price to rise on the positive update.
I suspect that a seller is still active, and holding the stock back.
What is a little unusual, is that the HSBC holding was a substantial block of stock, and the only holdings I can see that could possibly supply that kind of size is Chelverton with 8.62% - 6M Shares or Henderson Global Investors who hold 7.12% which is just shy of 5M shares (according to Market Screener).
Why they would want to sell, if indeed they are in fact the sellers, surprises me. However, it may be due to other reasons of Investment Strategy and fund weightings. It's not unusual for some funds to cut positions once they drop below a certain market cap level - crazy.
All will be become clear when they inform the market.