London Daily

Focus on the big picture.
Friday, Oct 24, 2025

Hong Kong protest fallout hits HSBC and the London Stock Exchange

Hong Kong protest fallout hits HSBC and the London Stock Exchange

HSBC and the London Stock Exchange are being caught up in the political fallout from months of pro-democracy protests in Hong Kong.
Two of the United Kingdom's leading financial institutions are being caught up in the political fallout from months of pro-democracy protests in Hong Kong.

Protesters in the former British colony attacked some branches of HSBC (HBCYF) this week and daubed red paint on a pair of bronze lions outside the bank's Hong Kong headquarters. HSBC, the largest bank in the city, has been accused of working with Chinese authorities to cut off funding for the protesters.

HSBC has denied those allegations and condemned what it described as repeated "acts of vandalism" against its branches. It said in a statement on Thursday that it was working to restore ATM and other banking services that had been suspended as a result of the attacks.

Meanwhile, the London Stock Exchange (LDNXF) is at risk of losing Chinese business because of Beijing's anger at Britain's stance on the protests in Hong Kong. Citing multiple sources, Reuters reported that a partnership between the London and Shanghai stock exchanges was being suspended because of political tension.

Neither the exchanges, nor Chinese financial regulators, responded to requests for comment. The Financial Conduct Authority, which regulates UK financial markets, declined to comment.

Rising tension with Beijing comes as Britain looks to build stronger commercial ties with countries such as China and the United States as it prepares to leave the European Union. Brexit will take place at the end of this month but a huge cloud of uncertainty still hangs over the future of trade between Britain and its biggest export market. Financial services are central to the UK economy, accounting for 13% of all exports and providing over 1 million jobs.

The link between the London and Shanghai exchanges was first announced in 2015. It allows UK-listed companies to sell shares in China and permits Chinese companies to raise money on the UK market, giving them access to a bigger pool of international investors.

Until late December, HSBC had largely escaped the vandalism directed against some Chinese bank branches during the Hong Kong protests, such as those owned by the Bank of China (BACHF).

But Britain's biggest bank has been targeted in recent weeks after it closed an account in November held by the Spark Alliance, a nonprofit group in Hong Kong raising funds for the protests.

Protesters accused the bank of helping the police with an investigation into suspected money laundering, which led to the arrest of some Spark Alliance members on December 19.

HSBC said that the closure of the account was "completely unrelated" to the arrests or the situation in Hong Kong, and was carried out in keeping with global regulations that require banks to conduct regular "due diligence" reviews on customer accounts.

"As the account has not been used for its stated purpose, we closed the account in November 2019 following fund transfer instruction from the customer," it said in a statement on December 25.

HSBC, which was established in Hong Kong in 1865, derived half of its pretax profits from business in Asia's premier financial hub in the first nine months of last year.
Newsletter

Related Articles

0:00
0:00
Close
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
China and Russia Deploy Seductive Espionage Networks to Infiltrate U.S. Tech Sector
Apple’s ‘iPhone Air’ Collapses After One Month — Another Major Misstep for the Tech Giant
Graham Potter Begins New Chapter as Sweden Head Coach on Short-Term Deal
Ecuadorian President Daniel Noboa Alleges Poison Plot via Chocolate and Jam
Lakestar to Halt External Fundraising as Investor in Revolut and Spotify
U.S. Innovation Ranking Under Scrutiny as China Leads Output Outputs but Ranks 10th
Three Men Arrested in London on Suspicion of Spying for Russia
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
×