HSBC’s Top Asia Banker Backs China’s Hong Kong Security Law

(Bloomberg) — HSBC Holdings Plc’s top executive in Asia came out in support of a controversial national security law drafted by China’s central government for Hong Kong.

Peter Wong signed a petition in support of Beijing’s proposed security legislation, according to comments posted on the bank’s official WeChat account. The lender supports rules that stabilize Hong Kong’s social order and revitalize the economy under the “one country, two systems” principle, the post read.

“We reiterate that we respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy,” it said. These are HSBC’s first public comments on the topic after Hong Kong’s former chief executive, Leung Chun-ying, lambasted the global lender for not publicly voicing its support for Beijing’s plan to enact national security legislation in the city.

HSBC is not the first company to back Beijing but is in a uniquely delicate position. Most of its earnings are generated in Asia, but its headquarters are in London, where the British government has backed its former colony. Prime Minister Boris Johnson said he will give as many as 3 million Hong Kong residents the chance to seek refuge in the U.K. if China presses ahead.

“There is an element of HSBC trying to run with the herd and hunt with the hounds here,” said Alistair Carmichael, chairman of the U.K. legislature’s All-Party Parliamentary Group on Hong Kong. “I’ve no doubt that this is seen as an economic or financial decision; they will see the benefit of trying to stay close to China.”

Major business figures including Jardine Matheson Holdings Ltd. and billionaire Li Ka-shing have come out in support of the legislation proposals in recent weeks.

HSBC drew the ire of Hong Kong’s anti-government campaigners in the unrest last year, with its branches vandalized after it closed an account linked to the protests. While HSBC cited inconsistent activity in the account that it closed, its motives were questioned at a time when it’s pushing into China and repairing its relationship with Beijing, having cooperated in the U.S. probe of Huawei Technologies Co.