The Financial Times reports that SBI, one of Japan’s largest financial groups, plans to scatter out of Hong Kong, citing the loss of freedom in the city under the National Security Law.
SBI Group CEO Yosh*taka Kitao told the Financial Times that he is very afraid of the current situation in Hong Kong, and many Japanese businessmen, especially manufacturers, retailers and wholesalers, have resolved to move their operations directly to the mainland, because under the National Security Law, Hong Kong is no longer the gateway to the mainland market, and businessmen can go directly to Beijing or Shanghai to handle their business.
As for SBI, it is considering moving its 100-strong team in Hong Kong to Singapore or Shanghai, and will also expand its operations in London.
He describes Hong Kong now as “a place that can’t be a financial center without freedom.”
Yosh*taka Kitao is himself an economic adviser to The Japanese government, often advising the prime minister.
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