Daiwa had been planning to shift some operations from the city to the Mainland through a JV.
Daiwa Securities Group may accelerate plans to scale back its presence in Hong Kong if the tension in the Chinese territory worsens significantly, according to the Japanese brokerage’s deputy chief.
Even before the Hong Kong security law was passed, Daiwa had been planning to shift some operations from the city to the mainland once it sets up a joint venture there, deputy president Keiko Tashiro said.
“If facts emerge such as people getting arrested one after another, we may need to front-load it,” she said in an interview. “Once the joint venture is established, we can do China business in China.”
Hong Kong’s standing as one of the world’s top financial hubs has come into question as the security law threatens civil liberties and fuels tensions between the US and China.
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