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    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : long-time Asia boss moves upstairs amid Hong Kong controversy

06/12/2021 | 05:21am EDT

Peter Wong, HSBC’s top man in Asia, is stepping away from day-to-day management to take up a position as the bank’s chair in Hong Kong.

Wong has been credited with the bank’s rise to become the undisputed financial heavyweight in the region, with the firm booking most of its profits on the continent.

Read more: MPs call for insurers Legal & General and Aviva to cut ties with HSBC over its Hong Kong stance

Wong has been at the bank for more than 15 years, and served as Asian boss since 2010.

But despite a glittering banking career, he has become a lightning rod for criticism of the bank after signing a petition last year backing a controversial, authoritarian crackdown in Hong Kong.

Wong put the bank’s support behind China’s National Security Law, which severely restricts democratic freedom in the territory and has led to a number of pro-democracy protestors seeking exile.

The bank had previously pursued a neutral course in debates around the governance of the territory, which in theory has more freedoms than the rest of China.

But Beijing has recently sought to bring the territory more in line with the rest of the country, effectively ending the “one country, two systems” framework which was supposed to last until 2047.

The National Security Law is so strict that the United Kingdom opened up immigration avenues for Hongkongers fleeing from the new restrictions.

Wong, along with a number of other senior business figures, backed the crackdown. Critics noted that he also sits on the Chinese Communist Party’s Political Consultative Conference.

David Liao and Surendra Rosha will step into Wong’s shoes.

Read more: Hong Kong democracy activist Nathan Law granted asylum in Britain

The post HSBC's long-time Asia boss moves upstairs amid Hong Kong controversy appeared first on CityAM.

© City AM, source Newspaper

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Financials (USD)
Sales 2021 50 375 M - -
Net income 2021 9 155 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,5x
Yield 2021 4,22%
Capitalization 113 B 113 B -
Capi. / Sales 2021 2,24x
Capi. / Sales 2022 2,17x
Nbr of Employees 224 652
Free-Float 98,2%
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 5,52 $
Average target price 6,66 $
Spread / Average Target 20,7%
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Managers and Directors
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Ewen James Stevenson Chief Financial Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
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