Translator: Billwilliam; Reviewer: Wencheng
Since the implementation of the National Security Law, Hong kong’s status as an international financial hub is being eroded. The German giant Siemens Group has been doing business in China for more than 140 years. Its CEO Joe Kaeser expressed concerns over Hongkong’s rule of law and economic status. This is the first time a major German company worries about Hongkong’s future.
Siemens is an international giant with 35,000 employees in China. Its revenue in 2019 was 8.4 billion Euros. In a recent interview with Die Zeit, Joe Kaeser said Beijing hasn’t mentioned upholding the policy of “One Country Two Systems” for a long while. This made him worried about Hong kong’s freedom, rule of law, and financial status.
In addition, as reported by Stand News, SBI Holdings, a Japanese online financial firm, considers withdrawing from Hong kong in response to the instability and uncertainty after the National Security Law was implemented. It is the first Japanese financial company announcing changes in operation because of the National Security Law. SBI may exit Hongkong as early as this year.
SBI is Japan’s largest online brokerage. Its operations in Hong kong include securities and the development of medical equipment. The company’s spokesperson confirmed to Japan Today that it was considering withdrawing or shrinking its Hongkong operations because it believed Hong kong’s status as an international financial hub would be jeopardized.
Besides SBI, a Japanese brokerage Daiwa Securities is also looking at the situation in Hong kong closely. It will speed up withdrawing from Hongkong if the situation deteriorates.