The Financial Times reports that SBI, one of Japan’s largest financial groups, plans to leave Hong Kong, citing the loss of freedom under the National Security Law.
SBI Group CEO Yoshitaka Kitao told the Financial Times that he is very afraid of the current situation in Hong Kong and that many Japanese businessmen, especially manufacturers, retailers and wholesalers, have resolved to move their operations directly to the mainland because Hong Kong is no longer a gateway to the mainland market under the National Security Law 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 doesn’t have the freedom to be a financial center.”
Yoshitaka Kitao is himself an economic adviser to The Japanese government, often advising the prime minister.
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