HSBC publicly supports Standard Chartered China’s national security law for Hong Kong

HSBC (HSBC) and Standard Chartered (SCBFF) On Wednesday, it supported the bill, which was designed by Beijing and will be given to the city in the coming months. Lenders joined other major businesses in Hong Kong, backing the law.

HSBC posted a photo in the Chinese social media showing that Asia Pacific CEO Peter Wong has signed a petition supporting the implementation of the law. HSBC’s London press office confirmed the reality of the mission.

“It will enable Hong Kong to regain and rebuild the economy, and at the same time ‘One Country, Two Systems“The city said, referring to the management principle that made political and legal freedoms unusable in mainland China.

HSBC is headquartered in London, but was founded in Hong Kong and has a significant commercial presence in China. The bank’s statement comes about a week after ex-Hong Kong CEO Leung Chun-ying detonated HSBC because of his silence.

Leung took Facebook (FBI) On Friday, HSBC call publicize public support for the law. He said that the bank should know “which side of bread is buttery”.

Hong Kong and China are HSBC’s largest moneymakers. Last year, divisions attracted enough money to eradicate losses in the UK and keep the company profitable.

HSBC’s shares traded in Hong Kong rose 1.6% on Thursday and outstripped city wide Hang Seng Index (HSI)Fell 0.1%.

UK-based lender Standard Chartered also said on Wednesday that China’s proposed national security law for Hong Kong could “help maintain the city’s long-term economic and social stability”.

Recommended national security law last year in Hong Kong to ban uprising, separation and collapse against Beijing shaken by anti-government protests It calls for more democracy and more autonomy than mainland China. Last week, China rubber stamp parliament approved an offer to impose the law On behalf of the city, bypassing the Hong Kong legislative assembly through a rarely used constitutional backdoor.

The law will also enable Chinese national security bodies to operate in the city to “fulfill relevant duties to protect national security in accordance with the law”.

Leaders in the United States and Britain criticized the law’s entry as it undermined Hong Kong’s autonomy. The proposal also shook markets briefly last month and sent the criterion of the city Hang Seng Index (HSI) for her Worst day since 2015. And US firms expressed concerns About what the law can mean for the city’s future as a global business center, especially Washington, special economic and commercial relationship With Hong Kong.

Even so, HSBC and Standard Chartered are among the best companies in Hong Kong, appearing on a support show for controversial legislation.

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Jardine Matheson, one of the oldest British trading houses in Hong Kong, published a full-page ad in the pro-Beijing Ta Kung Pao and Wen Wei Po newspapers, which have strong ties with the Chinese government on Wednesday.

“It is very important to establish a legal framework that supports national security. It ensures that Hong Kong continues to attract investment, increase employment opportunities and protect people’s livelihoods.” Said.

Swire Pacific (SWRAY)Li Ka-shing, billionaire, founder of one of the richest business empires of Hong Kong’s family and founder of telecommunication and retail holding company CK Hutchison, also supported China’s movement.

“The enforcement of national security legislation will be beneficial for the long-term future of Hong Kong as a world-leading business and financial center,” Swire said.

“In every nation [sovereign] the right to address national security concerns, “said Li from CK Hutchison, in a statement released last week.

“Meanwhile, [Hong Kong] It has a critical duty to strengthen the belief of its citizens and to maintain international trust in the constitutional principle of ‘One Country, Two Systems’.

– Alexandra Lin contributed to this report.

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