Many Chinese state-owned enterprises have shunned UK-based HSBC, Reuters reported on June 28, citing people inside those enterprises and HSBC.
The blacklisting is part of a growing disenchantment in Beijing with the lender over several issues including its role in the U.S. indictment of a Chinese technology executive and China’s increasing influence over Hong Kong, Reuters said. HSBC has been selling assets in Europe and the United States to fund investment in its Asian stronghold. Hong Kong and China were its two biggest profit generators in 2020.
In response to questions from Reuters, HSBC said it did not comment on clients, but added that it did not recognise Reuters’ description of its client relationships.The Chinese national flag flies in front of the HSBC headquarters in Hong Kong, China, July 28, 2020.
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