World’s Largest Steel Company Blacklists HSBC In Retaliation For Huawei Case
The world’s largest steel company, China Baowu Steel Group, blacklisted HSBC Holdings PLC, claiming that it is a high-risk lender. HSBC Holdings is the only foreign lending institution on Baowu’s blacklist. All other lenders on the list are floundering Chinese banks. Mike Sun, a North American investment strategist, believes that Baowu Group did this in […]
The world’s largest steel company, China Baowu Steel Group, blacklisted HSBC Holdings PLC, claiming that it is a high-risk lender. HSBC Holdings is the only foreign lending institution on Baowu's blacklist. All other lenders on the list are floundering Chinese banks. Mike Sun, a North American investment strategist, believes that Baowu Group did this in retaliation for HSBC providing key evidence to the United States in the Huawei Meng Wanzhou case. He believes that this is an intentional blockade of HSBC by a large Chinese state-owned enterprise. According to a Reuters report, Baowu told its finance employees not to use HSBC Holdings for short-term loans during its 2020 year-end training session. HSBC has faced difficulties in China since its involvement in the Huawei case. In October 2020, the Chinese Ministry of Finance issued $6 billion in U.S. dollar sovereign bonds in Hong Kong, and replaced HSBC with Citibank as one ...
