• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Banking

HSBC and StanChart shares rise following support for Beijing's Hong Kong law

HSBC and StanChart shares rise following support for Beijing's Hong Kong law
  • Christopher Copper-Ind
  • @intlinvestment
  • 04 June 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Two international UK banks with far-reaching Asian interests last night publicly backed China's proposed national security law for Hong Kong.

This morning shares in both banks rose (HSBC by 2.8% and Standard Chartered by 2.6%) on Hong Kong's Hang Seng Index.

Related articles

  • Britain's foreign secretary criticizes HSBC for Hong Kong stance
  • Aviva lambasts UK banks' stance over Hong Kong
  • HSBC and StanChart cut key benchmark rates in Hong Kong
  • HSBC to press ahead with 35,000 job cuts

Both HSBC and Standard Chartered have a particularly strong presence in Hong Kong. HSBC, which was founded in the territory in 1865 and makes the vast majority of its profits there, has hitherto strived to remain neutral in the conflict between the Chinese authorities and Hong Kong's pro-democracy campaigners.

Investors should welcome these statements. It has shored up the confidence."

However, last night's public statements, echoing those of Swire and Jardine Matheson a day before, will allay fears that their Hong Kong-reliant businesses will be caught in the middle of the political tensions.

Hao Hong, head of research at Hong Kong-based BOCOM International, told Reuters: "Investors should welcome these statements. It has shored up the confidence."

Hao added, "Hong Kong is a key market for them and it's a key trade hub for the rest of the region."

However, there will be concerns of a Hong-Kong backlash if the global lenders, which both have a large presence in the territory, are seen to not be supportive of Hong Kong's concerns.

In a post on Chinese social media giant WeChat, HSBC said: "We reiterate that we respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of one country, two systems."

The FT published Standard Chartered's statement, which read: "We believe the national security law can help maintain the long-term economic and social stability of Hong Kong."

Leung Chun-Ling, a former chief executive of the territory, warned last week that "HSBC has been enjoying unique privileges in Hong Kong which should not be taken for granted."

 

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Regulation
  • Hong Kong
  • HSBC
  • China
  • Standard Chartered
  • Hang Seng Index

More on Banking

FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
HSBC to restart dividend despite 34% profits slide

  • Banking
  • 23 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Jersey regulator fines three firms for breaching money laundering rules

  • Regulation
  • 17 February 2021
FCA partners with Jersey regulator to probe new Woodford venture

  • Regulation
  • 17 February 2021
Back to Top

Most read

EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
Aviva announces exit from Turkey
Aviva announces exit from Turkey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading