Hong Kong shares of HSBC and Standard Chartered rise after the banks back China’s national security law for the city, allaying worries about their businesses getting hurt by any potential political crossfire sumeet_chat Yanni Chow
“Investors should welcome these statements,” said Hao Hong, Hong Kong-based head of research at broker BOCOM International. “It has shored up the confidence ... Hong Kong is a key market for them and its a key trade hub for rest of the region.”
HSBC was caught up in Hong Kong’s months-long anti-government protests that started in 2019, with its branches vandalised and bronze lion statues outside its headquarters defaced during a protest march at the start of this year. HSBC backing comes after former Hong Kong leader Leung Chun-ying on Friday called it out for not making its “stance” clear on the law and said that its China business could be “replaced overnight” by banks from China and other countries.
“The reason for the statement is white terror, forced action to protect the bank’s business,” Wong, an HSBC staffer in Hong Kong who declined to give his full name, told Reuters.
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