The report said that the Hong Kong Monetary Authority requested a full understanding of the decision-making process of banks leaving Hong Kong.
Hong Kong’s national security law came into effect to bring uncertainty to Hong Kong’s business environment, the Hong Kong government also showed attention to this. Foreign media said that some fund managers and bankers received calls from several Hong Kong financial authorities asking them to explain the reasons for pulling out of Hong Kong, which is quite rare compared to the past.
The Central News Agency reported that three sources, including the China Securities Regulatory Commission, the Hong Kong Monetary Authority, the Financial Services and the Treasury Bureau and the Financial Services and the Development Bureau, had all called, asking for a full understanding of the decision-making process for their withdrawal and the significance of leaving at this Time, according to the Financial Times, as quoted by Standpoint News.
They said it was the first time they had encountered such inquiries and that such an approach was unusual.
One fund manager said that while it is not unusual for the SFC to ask people who have left Hong Kong about their license status, the tone of calls and inquiries from other departments is not unusual, the newspaper noted. One of them said that nothing like this had happened before, while another said that the departments had called politely in the past, but that the calls this time were “of a different nature.
The CSRC replied that licensed groups or individuals who change their place of residence may be approached to find out if they still need to retain their license; the HKMA said it is common practice in financial centers to regularly monitor industry and market developments. The Financial Services and the Treasury Bureau said that it has not investigated any financial institutions that have withdrawn; the HKMA did not reply.
The newspaper analysis, Hong Kong as the “gateway” to the Chinese market with a certain importance, almost no large companies completely out of the Hong Kong market. However, Singapore and Tokyo are launching new measures to attract foreign investment, international investment banks such as Citigroup and Goldman Sachs Group has also accelerated the recruitment of staff and the opening of offices in Singapore, the future of Hong Kong’s financial status may quietly shift to other Southeast Asian cities.
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