Surely some of you geniuses have a theory here? HSBC Custody...

Surely some of you geniuses have a theory here?
HSBC Custody Nominees added ~28.7m shares in a year to own nearly 10%. But there has been no sub-holder notice. Their clients are likely to be overseas owned institutional investors. More than one/many seperate entities coincidentally using HSBC’s services? Or the same entity under various umbrellas using HSBC’s cunning little scheme to disguise their intentions without the tedious necessity to alert the market to their sub-holder status. Helllloooooooooo.....