News Snapshot:
by Max Keating Employees of HSBC Qianhai Securities, a London-based HSBC’s subsidiary in China, have formed a Chinese Communist Party (CCP) cell, making HSBC the first foreign financial institution to have done so in an investment banking subsidiary in China, the Financial Times reported Thursday. Chinese law requires that all private companies — including foreign ones — set up CCP cells, but this has not historically been enforced upon foreign investment banks, the FT reported. These cells advocate for party priorities during corporate planning and meet to study Communist theory, and their expansion has been a clear priority under Chinese...
