'China business at HSBC can be replaced overnight by banks from China and other countries,' says ex-HK leader.
-May 29, 2020 10:03 PMThe iconic lion statue in front of a HSBC Bank branch in Hong Kong was smeared with red paint last January. (AP pic)HONG KONG: Former Hong Kong leader Leung Chun-ying on Friday called out banking group HSBC Holdings plc for not making its “stance” clear on China’s imposition of a new security law on the city, after the United Kingdom’s criticism of the move.
“One week has passed, HSBC still hasn’t expressed their stance on the national security legislation,” Leung, Hong Kong’s chief executive from 2012-2017, wrote in a Facebook post.“(The) UK government is following the US government; whether or not HSBC will follow UK govt is something we need to be highly concerned about,” he wrote.
HSBC declined to comment.The comments from Leung, a vice chairman of the Chinese People’s Political Consultative Conference, a top advisory body, underscore the risk for foreign businesses of becoming caught in the political crossfire amid fresh civil unrest over a law that many Hong Kongers fear will reduce their city’s freedoms.
The United Kingdom, the United States, Australia and Canada have criticised China for imposing the law.Leung said HSBC should not do things that hurt “China’s sovereignty, dignity and people’s feelings,” while making money in that country.“China and Hong Kong doesn’t owe HSBC anything, the China business at HSBC can be replaced overnight by banks from China and other countries,” he wrote.
“We need to let the UK government, politicians, British companies like HSBC know which side of the bread is buttered.”Founded in Hong Kong about 150 years ago, HSBC gets bulk of revenue from China and Hong Kong.London-listed shares of HSBC and Standard Chartered, which also has a large exposure to Hong Kong, were down more than 2% and 3%, respectively, on Friday.
HSBC was briefly caught up in anti-government protests in Hong Kong during past months, when some of its branches were vandalised and its famous bronze lions graffitied during a protest march on Jan 1. Read more: Free Malaysia Today »
HSBC is in dilemma
China violating international obligations over HK, say UK, US, Canada | Malay MailLONDON, May 28 — China’s plan to impose a new security law on Hong Kong puts it in direct violation of its international commitments, Britain, the United States, Canada and Australia said today. “China’s decision to impose the new national security law on Hong Kong lies in direct conflict... China only doing things within thier boundaries and its non of the other country business to disturb HK
China Parliament okays plans to impose security law on HK | The Malaysian InsightLegislation will punish secession, subversion of state power, terrorism, acts that threaten security.
China parliament approves HK security bill as tensions with US riseChina says the legislation will aim to tackle secession, subversion, terrorism and foreign interference.
US weighs options 'across the spectrum' to punish China over HKPotential US responses could include visa and economic sanctions. FMTNews HumanRights WhiteHouse
China parliament approves HK security bill, riot police deployed in cityThe anthem bill is the latest issue to fuel fears in Hong Kong that Beijing is imposing its authority. FMTNews China
Taiwan leader vows ‘action plan’ to help HK protesters | The Malaysian InsightThe island is already home to thousands of Hong Kongers, some of whom are seeking refuge from the Chinese government.