【明報專訊】BESET WITH internal and external problems, HSBC Holdings has seen its share price plunge below the ''financial tsunami level'' after an endless stream of bad news. Once a favourite among small investors in stocks, the bank has now become a nightmare for its shareholders. As a corporation based in Hong Kong but registered in the UK, HSBC has found itself in the vortex of contest amid the ever-escalating rivalry between China and the US. It is alleged to have aided the US in the arrest of Huawei's deputy chairwoman Meng Wanzhou. The Chinese Ministry of Commerce on Saturday announced the Provisions on the Unreliable Entity List. Whether HSBC will be on the list or not will affect its development outlook in Hong Kong and on the mainland. Because of the changes in the international situation, players who were all things to all people in the past may no longer have it both ways. To a certain extent, the external difficulties faced by HSBC also reflect the present dilemma of Hong Kong. A single careless move may turn the entire game into a fiasco. It is hard for HSBC to regain trust from the mainland. Even if it is not among the first batch of names on the Unreliable Entity List, the bank's path of development in the long term will inevitably be full of brambles.