Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

HSBC breaks silence and backs national security law for Hong Kong after former city leader takes aim at banking giant

It posted an article on HSBC China’s WeChat account, with the headline saying Asia-Pacific CEO signed a petition supporting the new law. Former Hong Kong leader CY Leung had criticised HSBC for not making its stance clear on the law

HSBC has broken its silence and offered its support for the national security law that Beijing is drafting for Hong Kong, days after a former city chief who is now a state leader criticised the banking giant for not making its stance on the legislation clear.
It posted an article on HSBC China’s WeChat account on Wednesday, with the headline saying the group’s Asia-Pacific CEO had signed a petition supporting the new law.

The article noted that the Hong Kong Association of Banks had already issued a statement saying the law would contribute to a stable business environment and raise investor confidence in the city.

“As a key member of the association, HSBC reiterates that under the ‘one country, two systems’ principle, it respects and supports all laws that stabilise Hong Kong’s social order and boost the economy to develop prosperously,” it said, referring to the framework under which Beijing governs the city.

The HSBC group is headquartered in London. It is the biggest bank in Hong Kong and Europe and is dual-listed in the city and London.

The article included a photo of Asia-Pacific CEO Peter Wong Tung-shun, who is a member of the Chinese People’s Political Consultative Conference (CPPCC), the country’s top advisory body, signing a petition at a street booth in Wan Chai hosted by the United Front Supporting National Security Legislation, a Beijing-loyalist group. It did not say when Wong signed.

An HSBC spokesman said the bank had no further comment.

The article was headlined “Hong Kong financial and commercial sectors back the implementation of the national security law; CPPCC member and HSBC Asia-Pacific CEO signed his name in support”.

China’s top legislature, the National People’s Congress, announced on May 21 that its standing committee would draft a tailor-made national security law for Hong Kong. The law is likely to be passed by August, with Beijing identifying it as a necessity amid anti-government protest violence and perceived external interference.



It aims to prevent, stop and punish secession, subversion of state power, terrorism and foreign interference in Hong Kong, but opposition politicians and critics warn it could be used to suppress dissent and erode long-standing freedoms.

A number of foreign countries, including Britain and the United States, have criticised the proposed law, arguing that Hong Kong’s high degree of autonomy would be reduced.

Last Friday, former chief executive Leung Chun-ying, who is now a vice-chairman of the CPPCC, attacked HSBC for remaining silent although the proposed law had been announced for a week.

“[The] UK government is following the US government; whether or not HSBC will follow the UK government is something we need to be highly concerned about,” Leung wrote in a Facebook post.

“In terms of political issues, this self-proclaimed British bank can’t make money from China while following other Western countries trying to damage the country’s sovereignty, dignity, and the feelings of the people.”

He said NPC deputies, CPPCC members, local government officials and businesspeople who had HSBC accounts should “protect themselves immediately and avoid becoming hostages like Huawei”.

Leung’s criticism was picked up by a commentary published in Beijing Daily, which was shared by state mouthpiece People’s Daily on its WeChat account on Monday.

Headlined “HSBC will lose all its customers if it cheats them”, the article first attacked the bank for “betraying” its client Huawei CFO Meng Wanzhou by cooperating with an US investigation into her.

It then went on to slam HSBC’s silence over the national security law.

Citing Leung’s article, the writer queried why the bank was “playing deaf”.

“Is it worrying it can’t hide its dirty deals, or is it afraid to enrage its backers from the West and lose its way to make money and sell Hong Kong?”

Meanwhile, in an interview with Xinhua published on Wednesday night, Wong said businesses in the city generally believed that establishing and improving the legal system and enforcement mechanisms to safeguard national security at the state level was a move in the right direction.

Wong, newly elected as chairman of the Hong Kong General Chamber of Commerce, added it was expected to bring lasting prosperity and stability.

In a chamber survey, 61 per cent of about 400 respondents said the new law would either have a positive or no impact on their businesses over the long term. Some 54 per cent of respondents viewed the legislation as “controversial” and hence would have a negative impact on their businesses in the short term, citing foreign sanctions as their biggest concern.




AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×