On July 9, Morgan Stanley released a report stating that HSBC Holdings is expected to announce its Q2 performance on July 31. Due to the slowdown in loan growth and the decline in Hong Kong Interbank Offered Rate (HIBOR) affecting net interest income, but the fee income is still strong during the period, the bank indicates capital return will also be a focus. It is expected that HSBC will announce further shareholding of 2 billion USD. The bank maintains a 'shareholding' rating for HSBC, and reduces the target price from HKD 79.9 to HKD 77.6. The bank expects HSBC's Q2 2024 pre-tax profit to drop 10% YoY (37% QoQ) to 7.936 billion USD, total revenue to drop 4% YoY (4% QoQ) to 16.299 billion USD, net interest income from banking business to drop 8% YoY (5% QoQ) to 10.674 billion USD, and commission income to increase 5% YoY to 5.625 billion USD. The bank estimates a Tier 1 capital adequacy ratio of 15.3%, an increase of 57 basis points YoY. The bank is expected to pay a second dividend of USD 0.1 per share.