In today's international political and economic landscape, finance and politics are intertwined, and the forces and interests behind them are inseparable. Huawei, as China's technology giant, has been caught in the political game between China and the United States, and the "seller" HSBC behind it has also been hotly debated by public opinion.
Who is HSBC's largest shareholder? This answer may surprise you. Here, we'll dive into the financial and political forces behind them and how they influence the course of events.
BlackRock: The "black hand" behind it
BlackRock, a New York-based financial giant, has quickly emerged as the world's largest asset manager since its founding in 1988. It manages more than $6.8 trillion in assets, which is equivalent to more than half of China's GDP.
It is not only known for its large capital scale, but also for its superb data analysis and risk management capabilities. BlackRock's Aladdin system, hailed as "the world's most powerful weapon," covers nearly 10% of the world's financial assets.
In the political arena, BlackRock is also a force to be reckoned with. One of the founders, CEO Larry Fink, known as the "King of Wall Street," was a key adviser to the Obama and Trump administrations and played a key role in the 2008 financial crisis.
His influence and BlackRock's strength have earned the group a reputation as "the bridge between Wall Street and Washington."
HSBC, a financial institution with deep Chinese and British roots, hides such a powerful American company behind its shareholders.
In November 2019, BlackRock surpassed Ping An to become HSBC's largest shareholder with a 7.3% stake.
This shareholding not only means huge economic benefits, but also has a decisive impact on HSBC's operational and strategic direction.
What role may BlackRock Group play in the incident between Huawei and HSBC?
As a U.S. company, BlackRock must comply with U.S. laws and sanctions. When Huawei became the target of the U.S. government's investigation, BlackRock may have put some pressure or influence on HSBC to cooperate with the U.S. investigation of Huawei.
HSBC: The "two-faced" between China and the United States
HSBC, the British financial magnate, was originally founded in Hong Kong in 1865 by Scottish businessmen to facilitate trade between Britain and China.
Over the years, it has cultivated deep historical ties with China and Hong Kong, and established a solid foundation in the Asian market. With more than 700 branches in the Asia-Pacific region, HSBC is one of the top three banks in Hong Kong with HKD issuers.
However, tensions between China and the United States in recent years have put HSBC in an unprecedented predicament. The outbreak of the Huawei incident has put HSBC in the spotlight. As a partner of Huawei, HSBC was accused of betraying Huawei with which it had worked for many years, providing key evidence for the United States and leading to the arrest of Huawei executive Meng Wanzhou in Canada.
The act immediately sparked widespread criticism and dissatisfaction in China.
In the face of political pressure between China and the United States, HSBC's choice seems to be a dilemma. In China and Hong Kong, its business accounts for nearly half of its global business, while its 2020 annual report showed a profit in Asia of US$12.9 billion, accounting for 88% of global profits.
These figures show that HSBC has an irreplaceable position in Asia, especially in China and Hong Kong.
HSBC also cannot ignore its Western context and identity. As a British company, its business and interests are also subject to the laws and sanctions of Western countries.
This has forced HSBC to weigh the interests and pressures of China and the United States when dealing with Huawei, so it has made a series of decisions and actions.
This dilemma between China and the United States also reflects HSBC's deep-seated identity and strategic positioning problems.
As a UK bank, HSBC's business size and market share in the UK and Europe is not large, it relies more on the Asian market, especially China and Hong Kong. This makes it often in a passive and confused position in the face of the Sino-US political game.
Epilogue:
In today's globalized world, there are intricate relationships and interests hidden behind any event. The Huawei affair is just the tip of the iceberg, revealing the deep intertwining of finance and politics, and how the forces behind it shape the whole thing.
We should also see that whether it is BlackRock or HSBC, they are both seeking survival and development in a complex international environment.
Their choices are based not only on profit, but on reality. In the days to come, we should look at such events rationally and explore the truth behind them, rather than being confused by superficial phenomena.
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