Political situation
Written by: Wu Zhuoan
2020-04-06 08:45
Last update date: 2020-04-06 10:52The Legislative Council today (6th) convened a special finance committee for 4 consecutive days. The Secretary for Financial Services and the Treasury Liu Yixiang attended the meeting in the morning to answer questions from Members. Many lawmakers are concerned about the dispute over the suspension of dividend payment by HSBC Holdings (0005). Zhang Huafeng, a member of the financial services industry of the Pakatan Harapan, said that the withdrawal of dividends by HSBC would hurt the hearts of Hong Kong people. He asked whether the government would urge the HKMA and the SFC to request HSBC to withdraw its decision.
Liu Yixiang said that he paid attention to the impact of the incident on the citizens, but the decision was made by the board of directors of HSBC based on internal business considerations and the recommendations of the Bank of England. It is believed that the company will explain the policy on business decisions.
The Secretary for Financial Affairs and the Treasury, Liu Yixiang (left), said that he understands that HSBC ’s cancellation of dividends will affect Hong Kong investors, but the situation is related to the British Banking Regulatory Authority. The HKMA will keep in touch with overseas counterparts. The authorities will not comment publicly. Individual circumstances. (Photo by Zhang Haowei)
HSBC (0005) announced the suspension of the fourth quarter of 2019 dividends and will not pay dividends this year, triggering uproar. Zhang Huafeng reprimanded at the meeting, and HSBC withdrew the dividend payment, causing those who lived on the dividend to "lose the money" and felt like they were caught in an investment scam. He also said that the Hong Kong people are very supportive of HSBC, and also supported the supply of HSBC during the financial tsunami. Stocks, so the suspension of dividends not only hurt stockholders, but also hurt the hearts of Hong Kong people. He asked whether the government would urge the HKMA and the supervisory authority to require HSBC to withdraw the decision, or to use dividends instead.
Zhou Haoding, a member of the DAB ’s Legislative Council, also said that it is very disappointing that HSBC does not pay dividends. He also said that HSBC has a leading position in Hong Kong, worrying that HSBC ’s decision will trigger a ripple effect, which will cause other companies to follow suit and suspend stock distribution. meaning.
Liu Yixiang responded that due to capital requirements and liquidity, the British Banking Regulatory Authority and the European Union have requirements for banks. The HSBC Board of Directors has made relevant decisions based on internal business considerations and the recommendations of the British Bank. He understands that many investors are affected. The HKMA He and the CSRC have kept contacting relevant institutions to understand the relevant situation.
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(Photo by Zhang Haowei)
Members urged to expedite the payment of money Liu Yixiang pointed out that the reuse of information is a good suggestion
At the meeting, the DAB Ge Gefan asked the government to increase the procedures for distributing 10,000 yuan, and asked whether the government could reuse applicant information in the future. Liu Yixiang said that the current dispatch procedure is already the fastest, and that reusing data is a very good suggestion. The government has always had this idea, but because the "Privacy Ordinance" is very strict, it is not possible to reuse past data. Liu Yixiang said that the current application form will include options for the public to choose whether to reuse their personal data for the government.
The "Budget" announced that the government plans to use 10% of the future fund (that is, about 22 billion yuan) as the first fund to establish the "Hong Kong Growth Portfolio" for strategic investment in "Hong Kong-related" projects. The Citizen Guo Jiaqi pointed out that the "Hong Kong Growth Portfolio" does not need to report on investment in five years, and is worried about the government's "black box operations". If the government loses growth portfolio investment after the transition, who is responsible. Liu Yixiang said that it takes a long time for the fund to pay off, so it will not disclose the effectiveness of the growth portfolio until five years after its establishment and operation.
The Legislative Council Legislative Council Finance Committee
