Hong Kong-listed shares of HSBC and Standard Chartered rose on Thursday after the banks backed China's imposition of a national security law on the city, even as a pro-democracy and newly formed financial workers' union criticized the move.
In a break from their usual policy of political neutrality, both banks on Wednesday backed the national security law that has drawn global condemnation and revived anti-government demonstrations in the former British colony.
The Global Times, which is published by the People’s Daily, the official newspaper of China’s ruling Communist Party, said, citing a Chinese expert, that HSBC’s move should have come earlier, but can also be seen as “never too late”. Some protesters accused HSBC of being complicit in action by the authorities against activists trying to raise money to support protesters, accusations the bank has denied.
“The reason for the statement is white terror, forced action to protect the bank’s business,” Wong, an HSBC staff in Hong Kong who declined to give his full name, told Reuters.
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