Hong Kong’s former Chief Executive Leung Chun-ying not happy with HSBC Holdings Plc over not publicly voicing its support for China’s plan to enact national security legislation in the city.
Leung called on business people from the mainland and Hong Kong, members of the National People’s Congress and Chinese People’s Political Consultative Conference delegates who hold accounts at HSBC to take immediate action to protect themselves.
HSBC has deep roots in the city where it was founded 155 years ago. The city accounts for its biggest chunk of customers and its name even adorns local bank notes. Earlier this year it angered local retail investors by canceling its dividend at behest of U.K. regulators.
Chinese lawmakers on Thursday approved a proposal for sweeping new national security legislation in Hong Kong that democracy advocates say will curb essential freedoms in the city.
The U.K, the U.S., Canada and Australia on Thursday issued a joint statement urging China to halt its plans. U.K. Foreign Secretary Dominic Raab warned the government will open a path to citizenship for 300,000 Hong Kong residents unless China backs down.
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