HSBC Holdings (HSBA)

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Tech giants threaten to leave Hong Kong over privacy law

By Caoimhe Toman

Date: Tuesday 06 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Tech giants including Google, Facebook and Twitter have warned through an Asian industry group on Tuesday that they could cut their services in Hong Kong if Beijing goes ahead with its plans to impose new privacy laws.
The warning came in a letter sent by the Asia Internet Coalition, of which all three companies, in addition to Apple, LinkedIn and others, are members.

In the letter, the tech companies showed their discontent with the proposed amendments to current privacy laws which would see individuals hit with "severe sanctions" without specifying the possible penalties.

"Introducing sanctions aimed at individuals is not aligned with global norms and trends," said the letter, whose contents were first reported by the Wall Street Journal.

"The only way to avoid these sanctions for technology companies would be to refrain from investing and offering their services in Hong Kong, thereby depriving Hong Kong businesses and consumers, whilst also creating new barriers to trade."

Companies claim that it is not beneficial for them to remain in the area if the government is carrying out doxing practices (publicly releasing private or identifying information about an individual or organisation).

"We ... believe that any anti-doxing legislation, which can have the effect of curtailing free expression, must be built upon principles of necessity and proportionality," the AIC said.

Hong Kong saw an unprecedented wave of doxing during mass pro-democracy protests in 2019.

At a regular press briefing on Tuesday morning, Hong Kong's chief executive, Carrie Lam, said the proposed law would only target "illegal" doxing.

"There is wide support that doxing should be legislated against," Lam said. "The amendment exercise is to address the issue of doxing. The privacy commissioner is empowered to take action and carry out an investigation - that's it."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

HSBC Market Data

Currency UK Pounds
Share Price 694.60p
Change Today 2.40p
% Change 0.35 %
52 Week High 720.80p
52 Week Low 575.80p
Volume 17,531,585
Shares Issued 18,704m
Market Cap £129,916m
RiskGrade 167

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Value
90.77% above the market average90.77% above the market average90.77% above the market average90.77% above the market average90.77% above the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
67.71% above the market average67.71% above the market average67.71% above the market average67.71% above the market average67.71% above the market average
17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average
Income
96.21% above the market average96.21% above the market average96.21% above the market average96.21% above the market average96.21% above the market average
73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average
Growth
69.43% above the market average69.43% above the market average69.43% above the market average69.43% above the market average69.43% above the market average
41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average41.18% above the sector average

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