HSBC Holdings PLC (LON:HSBA) has said it will make new investments in mainland China despite suffering blowback for its support of controversial national security laws imposed on Hong Kong by the countrys communist government.
The FTSE 100 banking giant said it will establish a financial technology firm in China, while its life insurance-focused joint venture will hire more staff to create a wealth management unit for customers in the cities of Guangzhou and Shanghai.
READ: HSBC denies rumours it will pull out of China, says it will continue to invest[hhmc]
HSBC is looking to grab a market share of Chinas rapidly expanding upper and middle class, however, the bank and its fellow Asia-focused peer Standard Chartered PLC (LON:STAN) are facing growing international criticism for their support of recently enacted national security legislation in Hong Kong which followed prominent pro-democracy protests in the territory.
The law bans activities in Hong Kong that are deemed to be subversive or promoting secession from the mainland, however human rights groups and politicians around the world have voice concerns that the legislation is so broad that it can effectively criminalise any kind of protest activity in the city. The legislation has also been declared as a breach of the Sino-British Joint Declaration, a treaty signeRead More – Source
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