HSBC HK$150 fever as speculators look to cash in on anniversary banknotes

HSBC branches opened their doors early yesterday due to queues of people wanting to cash in on the bank's HK$150 anniversary banknotes - with some speculators already putting the notes up for sale on the mainland's biggest online shopping platform, even though they will not be ready for collection until June.

Staff at the Mong Kok branch opened the doors at 7.30am - 1-1/2 hours early - after finding people lined up outside to get the application forms.

The Sheung Shui Centre branch reportedly opened at 8am and queues were spotted at the Causeway Bay branch shortly after 9am. While forms are available in the bank's Hong Kong branches, where there are also drop-in boxes for completed applications, an HSBC spokeswoman yesterday encouraged people to apply online as it was faster and more convenient.

Two million of the notes are available and the deadline for applications is March 21. Customers can choose up to three single notes at HK$380 each, plus one set of 3-in-1 uncut notes at HK$1,380, plus one set of 35-in-1 uncut notes at HK$23,880. If the issue is oversubscribed a ballot will be held.

Kelly Lam, a 46-year-old housewife, was ticking all three options. She was looking to double her money or keep the notes for herself. Lam bought commemorative HK$150 banknotes from Standard Chartered in 2009 and earned more than HK$2,000 when she sold them on. And she said she made a profit of HK$10,000 when she bought similar HK$100 notes marking the Bank of China's 100th anniversary in 2012.

"It's hard to say if you can make money from this," she said. "If I get the 35-in-1 set I'll definitely keep it."