HSBC and Standard Chartered have broken their silence on the anti-government protests that have rocked Hong Kong in recent months, calling for a peaceful resolution to the crisis in full-page advertisements in local newspapers on Thursday.
HSBC — which takes its name from Hong Kong and Shanghai, where it was founded 154 years ago — has sought to appear neutral as the protests have intensified. But it has been put in a challenging position because of its reliance on Hong Kong, which accounts for about half of its profits, and its aggressive strategy for expansion in China.
Beijing has ratcheted up the pressure on international businesses that operate in Hong Kong and mainland China to take a pro-government stance and fire employees that have shown support for the protests.