HSBC posted a photo on Chinese social media showing Asia Pacific CEO Peter Wong signing a petition supporting the implementation of the law. The HSBC press office in London confirmed the authenticity of the publication.
HSBC is based in London but was founded in Hong Kong and has a significant commercial presence in China. The bank statement comes almost a week after former Hong Kong Chief Executive Leung Chun-ying criticized HSBC for its silence.
Hong Kong and China are by far HSBC’s largest money producers. Last year the divisions raised enough money to eliminate losses in the UK and keep the company profitable.
Fellow British lender Standard Chartered also intervened on Wednesday and said in a statement that China’s proposed national security law for Hong Kong “can help maintain the long-term economic and social stability” of the city.
The law would also allow Chinese national security organs to operate in the city “to fulfill relevant obligations to safeguard national security in accordance with the law.”
Still, HSBC and Standard Chartered are among a growing list of the top companies in Hong Kong that have come out in a show of support for contentious legislation.
Jardine Matheson, one of Hong Kong’s oldest British trading houses, issued a full-page ad on Wednesday in the pro-Beijing newspapers Ta Kung Pao and Wen Wei Po, which have strong ties to the Chinese government.
“Establishing the legal framework that upholds national security is very important. It ensures that Hong Kong continues to attract investment, improve employment opportunities and protect people’s lives,” the company said.
Swire said that “the enactment of national security legislation will be beneficial to Hong Kong’s long-term future as a leading global financial and commercial center.”
“It is within each nation [sovereign] right to address their national security concerns, “CK Hutchison’s Li said in a statement released last week.
“In the meantime, [Hong Kong] It has the critical task of strengthening the faith of its citizens and maintaining international confidence in the constitutional principle of “One country, two systems,” “he added.
– Alexandra Lin contributed to this report.