Prudential, HSBC and Stan Chart tumble as China closes offshore tax loophole

Shares of Prudential, HSBC, and Standard Chartered fell significantly after reports that China has started taxing returns from offshore insurance policies. This move closes a regulatory loophole that previously allowed wealthy mainland Chinese customers to use Hong Kong insurance products for investment and financial diversification. The new tax directly impacts companies like Prudential, which relies heavily on the Hong Kong and mainland China markets for new business.