HONG KONG -- HSBC Holdings is facing criticism from a leading shareholder as well as top foreign officials over its decision to endorse China's new national security laws for Hong Kong.
David Cummings, chief investment officer at the investment arm of British insurer Aviva, has questioned moves by fellow British financial institutions HSBC and Standard Chartered to publicly back the Chinese bills without having details of what measures they contain. Aviva holds $1 billion in shares of the two banks, ranking as one of the 12 largest shareholders of both.
