Scrip dividend

Up to the third interim dividend 2019, the Board of HSBC Holdings plc offered holders of Ordinary Shares the right to elect to receive new Ordinary Shares instead of a cash dividend (‘scrip dividend alternative’).

As announced on 23 February 2021 the Group has decided to discontinue the scrip dividend option as it is dilutive, including to dividend per share progression over time.

Past scrip dividend alternatives

The new ordinary shares were issued subject to the Memorandum and Articles of Association of the Company and ranked equally with the existing ordinary shares in all respects.

The ‘Market Value’ of the entitlement to new Ordinary Shares under the scrip dividend alternative was as nearly as possible equal to (but not greater than) the amount that would have been received by way of a cash dividend. The Market Value was the average of the middle market quotations for the Ordinary Shares on the London Stock Exchange, as derived from the Daily Official List, for the five business days beginning on the ex-dividend date. Since the dividend was declared in United States dollars, the average of the middle market quotations was then converted into United States dollars using the exchange rate quoted by HSBC Bank plc in London at 11am on the fifth business day beginning on the ex-dividend date, giving the Market Value for each new share.

The prices at which such shares were issued (rebased to current share structure) are detailed below.

Select to download scrip dividend circulars. Scrip dividend circulars are not available for 2006 or earlier.


Share price Circular
Third interim dividend 2019 USD7.7133 (GBP6.0444)
  • English
  • Chinese
Second interim dividend 2019 USD7.2477 (GBP5.9748)
  • English
  • Chinese
First interim dividend 2019 USD8.3022 (GBP6.5516)
  • English
  • Chinese

Please note that the above figures have been rounded.

*For UK income and capital gains tax purposes, the price of HSBC shares issued in lieu of the 1998 second interim is GBP7.6183 for the former 75p shares and GBP7.6067 for the former HKD10 shares (prices rebased and rounded).

For administrative questions relating to the payment of dividends, please contact the appropriate Registrars, ADR Depository or Paying Agent relating to your HSBC shareholding. Visit the Investor contacts page for details.