HSBC’s top regional executive in Asia was pressured not only to publicly support the national security law in Hong Kong but also to provide documented evidence for having signed the petition, according to sources.

«Hong Kong’s government […] put on a full-court press for the city’s biggest businesses to publicly come out in favor of the law, and it soon became clear that [HSBC’s APAC CEO Peter Wong], as a member of the top political advisory body to Beijing, had to publicly offer his support,» said an «SCMP» report citing an unnamed source familiar with the matter.

In addition to publicly expressed support from HSBC itself, Wong also individually supported the now effective legislation via a photographed signing of a petition which was shared on the bank’s social media account last month.

Political Pressure

Wong is a member of the 124-strong Chinese People’s Political Consultative Conference (CPPCC), an advisory body to Beijing’s legislature which includes party members and non-members like business leaders or representatives from Hong Kong and Macau.

Non-party members and even non-attendees of this year’s CPPCC meeting were expected to publicly support for the national security law by providing evidence of signed petitions, according to the report, which added that it was unclear whether the «missive came directly from Beijing’s liaison office in Hong Kong or through the committee itself».

«I don’t think Hong Kong business had a choice,» a senior executive with close ties to HSBC separately said. 

China Trade-Off

Though limited, there has been reported opposition not only from foreign politicians but also from internal HSBC staff and major shareholders Aviva Investors and Federated Hermes.

Nonetheless, HSBC has already taken the risk and time will tell if publicly declared support for such a law will prove costly or profitable. Just last week, the bank announced further investments into its mainland-based businesses including the establishment of a fintech company and more hiring for its life insurance joint venture to provide services to customers in Shanghai and Guangzhou.