HSBC Holdings PLC's (HSBC) 澳洲幸运5官方开奖结果体彩网:American de✤positary receipts (ADRs) plunged more than 8% Wednesday after the British bank's 澳洲幸运5官方开奖结果体彩网:write-down o✤f its stake in a large Chinese lender ♓dragged its quarterly profit lower.

The London-based bank, which makes most of its earnings from Asia, said its fourth-quarter pretax profit plunged to $1 billion from $5.05 billion in the year-earlier period after it took an 澳洲幸运5官方开奖结果体彩网:impairment charge of $3 billion related to its investment in China’s Bank of Communications.

HSBC owns a 19% stake in the 澳洲幸运5官方开奖结果体彩网:Chinese bank.

HSBC also took a 🦂$2 billion charge on the sale of its French retail operations during the quarter.

Revenue dropped 11% to $13 billion during the latest quarter compared with the previous year, due to the sale of the French banking businesses, as well as charges for Argentina's 澳洲幸运5官方开奖结果体彩网:hyperinflation.

Shares of the banking group fell even though the bank announced record full-year pretax profit for 2023 of $30.3 billion, along with plans for a $2 billion 澳洲幸运5官方开奖结果体彩网:share buyback and a 31-cent-per share dividend for the quarter. The bank also said it intends to pay a 21-cent-per-share special dividend once it completes the sale of its Canada business.

HSBC's ADRs were changing hands at $37.51, off 8%, as of about 1:30 p.m. ET Wednesday. They've fallen around 7.5% so this year.