HSBC Should Move Back Home Base to Hong Kong, Politician Fong Says

Bloomberg Markets and Finance published this video item, entitled “HSBC Should Move Back Home Base to Hong Kong, Politician Fong Says” – below is their description.

Christine Fong, a Hong Kong politician who represents 500 small investors in HSBC Holdings Plc stock, discusses the prospects for the bank. HSBC executives and directors will meet their Hong Kong shareholders face-to-face on Tuesday. This comes as the bank faces calls from its largest single investor, Ping An Insurance Group Co., to consider a break-up. Fong supports Ping An taking board seats and for the bank to make Hong Kong its home base once again. She speaks on “Bloomberg Markets: China Open.”

Bloomberg Markets and Finance YouTube Channel

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In This Story: Hong Kong

Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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