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As Trump pulled the plug, a loud roll of thunder boomed around Hong Kong and the heavens opened for the hour that followed, eerily symbolic again, for those who enjoy melodrama !! As shared earlier, nobody has forgotten HSBC the global appeal advertising of some circa 10 years ago, the reality is somewhat different in terms of connectivity for customers and profit contribution. They have failed on both and in several other ways, with a catalogue of legal issues, one thing that has fulfilled their global boast. The group performance is dominated by China/Hong Kong and public intent was to further that and shed other parts of the world. My earlier posts highlighted the success of their relationship skills with local HK government, HK public and Beijing, all have expressed severe discontent in past 12 months and from both sides of the political argument. London HQ ? Cool retreat during sweaty season in Asia, reinventing the wheel to justify existence but reality is clear, mainland money gateway to the world. What now ?
As HSBC is now headquartered in London are the Hong Kong troubles really that serious for HSBC? There business is now worldwide and even in Asia extends well beyond China. I appreciate China and Hong Kong are important but business continues in China for many foreign companies despite issues with the Chinese government. The risk is there but HSBC are more familiar with it than most other companies with considerable experience of operating in that part of the World.
I'm not invested in HSBC, but did seriously consider it to diversify my portfolio, which is currently quite limited. I think the problem with China is their control over anything and everything within their sphere of influence. I can only go off what I've read, but these new laws are about quashing freedom of speech and asserting authority, via the back door, on Hong Kong. Apparently China are looking at installing intelligence agencies in Hong Kong and the rhetoric is around combatting subversion and foreign influence. What will be the powers granted to these new intelligence agencies, will they be able to monitor business communications in and out of Hong Kong? Will they have significant powers of detention over anyone within Hong Kong? It's no surprise that the US are looking at Hong Kong's special status, as the new law is a game changer. Another interesting question is, will this spark an exodus of money from Hong Kong? The UK are looking at more rights for BNO passport holders and you can bet most of the monied people of Hong Kong are BNO passport holders, so what will happen there. All this is creating massive uncertainty in the region, but expect big changes in the region on the back of this,
Thanks for the comments, just offering opinion from what I know to be true. Anyone free to offer contra view, especially if factually correct as are my own observations., or at least based upon knowledge available to me. I would not call them a troll if they have something differing to my views
HK; you obviously have some insight into the HK/HSBC situation.
May i recommend some excellant comments over on the ADVFN HSBC thread......
You may be interested.....
Pig
Careful what you say Stock.... "HSBC bashing trolls"
I got in hot water earlier saying that!
HK does make some interesting points, but seems very biased and one sided.
Just my opinion.....dyor
Breaking news on Reuter’s :-
‘HONG KONG, May 29 (Reuters) - Former Hong Kong leader Leung Chun-ying on Friday called out banking group HSBC Holdings plc for not making its “stance” clear on China’s imposition of a new security law on the city, after the United Kingdom’s criticism of the move.‘
Which master to choose ? USD licence holder or source of majority of profits ? Declined to comment is the answer, I bet they did !! Looks like Trump attention today will be diluted by events in Minneapolis, could be the China and particularly HK stance may become clear a little later ? Nevertheless, 373p floor under threat as I type ??
The pessimism and the emergence of HSBC bashing trolls reinforce my belief that 373 was the bottom. Filling my boots.