"Parasitized" China for 150 years, stabbed China in the back, framed Meng Wanzhou, and today's retribution is very happy. This sentence sounds puzzling and suspenseful. How shameless and despicable is it that a foreign-funded bank, which has been rooted in China for 150 years, has gone so far as to betray its word and collude with foreign countries to frame Chinese citizens? What happened? How did the bank "parasitize" China? How did it backstab China and frame Meng Wanzhou, and how was it punished in the end?
1. HSBC is rooted in China and absorbs China's nutrients
When we talk about HSBC's roots in China, we have to start from 1865. That year, the British founded the bank in China's Hong Kong colony. From the very beginning, HSBC has been rooted in the fertile soil of China, absorbing China's nutrients to survive and develop.
In 1866, HSBC obtained the right to issue Hong Kong banknotes. With this privilege, HSBC became an instant hit in Hong Kong and soon became the largest bank in Hong Kong. However, it is clear that Hong Kong alone will not satisfy HSBC's ambitions. As a result, it began to extend its tentacles into Chinese mainland.
China in 1865 was in the late Qing Dynasty. At that time, the Qing government had already fallen into the predicament of internal and external troubles, with an empty treasury and financial constraints. HSBC saw this opportunity and began to "exploit" the Qing government.
In 1894, the Sino-Japanese War broke out. The Qing government suffered a crushing defeat in the war and was forced to compensate Japan for 200 million taels of silver for its military expenses. Just when the Qing government was at a loss, HSBC took the initiative to extend a "helping hand" -- it was willing to provide loans to the Qing government, but the interest rate was not low.
In desperation, the Qing government had no choice but to accept HSBC's "kindness". Since then, HSBC has firmly controlled the economic lifeblood of the Qing Dynasty. The Qing government had to use salt taxes and customs duties as collateral to borrow money to repay interest. The Qing government fell into a bottomless pit and could never repay the usury of the HSBC bank.
In this way, HSBC made a fortune in China and became the largest bank in the Far East. In order to further control China's economy, HSBC has also done everything possible to fund Chinese factories and firmly control China's economic ecosystem in its own hands.
After the fall of the Qing Dynasty, HSBC did not leave China. On the contrary, it continues to be popular in China. The savings of the princes, nobles, and corrupt officials became the profits of HSBC after the fall of the Qing Dynasty. Even the warlords at that time had to obey HSBC, because if HSBC did not lend money, the army would fall into a financial crisis and would not be able to fight at all.
After entering the Republic of China period, HSBC still controlled the financial power of the national government through loan business. Theoretically, such a foreign bank, which is rampant in China, should be strictly investigated and expelled after Hong Kong's return to the motherland. However, the Chinese government at the time, out of tolerance, not only did not expel HSBC, but instead retained its vested interests in Hong Kong and the privilege of issuing banknotes.
No one could have imagined that the Chinese government's goodwill would be exchanged for HSBC's treachery. This "poisonous snake", which was nurtured by the Chinese government, eventually took a bite on China in turn.
2. HSBC's three major crimes
While absorbing nutrients from the fertile soil of China, HSBC has not forgotten to do things for its masters, the British colonists. As the representative of British interests in China, HSBC has repeatedly tried to sabotage the revolutionary cause of the Chinese people.
On October 10, 1911, the Xinhai Revolution broke out. The revolutionaries in Wuchang were the first to fire the first shot against the decadent rule. When the news reached the ears of the British colonists, they were naturally extremely panicked. As a result, HSBC, the "pawn" in China, was assigned an important task - to stifle the birth of the Republic of China.
HSBC first secretly supported the Qing government and financed their suppression of the revolutionaries. At that time, the Qing army was unable to deal with the swarming revolutionary army, so HSBC took the initiative to extend a "helping hand" and provided the Qing army with a large amount of funds and weapons and equipment. However, the revolutionary force was surging, and the autocratic rule of the Qing Dynasty would eventually be overthrown by the people.
After the victory of the Xinhai Revolution, the Republic of China came into being. However, HSBC did not give up. It began a series of intrigues to try to strangle the fledgling Republic of China.
At that time, the Beiyang warlords were fighting endlessly, and they had a large number of armed forces in their hands. HSBC saw this and began to co-opt and finance the counter-revolutionary forces of the Beiyang warlords in an attempt to overthrow the legitimate regime of the Republic of China.
In 1916, with the funding of HSBC, Yuan Shikai even wanted to restore the imperial system and become the emperor himself. Fortunately, it did not succeed in the end, otherwise the revolution of the Chinese people would have paid a greater price.
In 1924, the direct warlord Wu Peifu was funded by HSBC and launched the Zhifeng War in an attempt to overthrow the Beiyang government. Although it was ultimately lost, this civil war undoubtedly added resistance to the revolutionary cause of the Chinese people.
Time flies and we are in the 21st century. Although HSBC has taken root in China, its essence has not changed. On December 1, 2018, a shocking incident occurred when Meng Wanzhou, a Huawei executive, was arrested at Vancouver Airport in Canada.
The reason turned out to be "violation of the US sanctions bill against Iran". Despite the lack of any real evidence, the Canadian side took Meng Wanzhou away and detained her. And behind this incident, it is HSBC that is secretly playing tricks.
It turned out that the so-called "key evidence" in the United States was provided by HSBC. HSBC claimed that it had concealed its relationship with Hong Kong's Xintong Company in the cooperation information provided by Huawei, thereby misleading HSBC to continue to provide relevant services.
However, what is the truth of the facts? Although Huawei and Xintong have cooperated, they are both above board and traceable. Huawei once held a certain amount of shares in Xintong, but it was sold in 2007. In addition, although Meng Wanzhou held a position in Xintong, she also resigned in 2009, and the two sides only had normal business contacts after that.
Moreover, HSBC is an "old partner" that has cooperated with Huawei for more than 20 years. How could HSBC not know about Huawei's relationship with Xintong? HSBC's explanation for this was that these things were only known to the low-level employees, and had not been passed on to the top management.
This untenable explanation, coupled with the only "evidence" in a PPT document, has fully demonstrated that HSBC is colluding with the United States to frame Huawei and Meng Wanzhou.
3. The cycle of heavenly principles will eventually be retributed
Although HSBC has been rooted in China for more than 150 years, it has never really given back to the fertile soil that nurtured it. On the contrary, it has constantly betrayed its promises and repeatedly backstabbed China. However, the principles of heaven are circular, and good is rewarded with good, and evil is rewarded with evil. What HSBC did has finally been duly punished today.
In 2020, the news of HSBC's major layoffs spread online, shocking countless people. It turned out that HSBC planned to lay off 35,000 employees in the next three years, which is arguably the largest layoff in HSBC's history.
Why such mass layoffs? The simple reason is that HSBC's business in China is already in trouble, and may even come to an end.
As a long-established foreign bank with roots in China for 150 years, HSBC can be said to have a presence all over China. However, since the Meng Wanzhou incident was exposed, HSBC's ugly face has finally been exposed to the world. Its despicable act of colluding with the United States to frame Chinese citizens has completely angered the Chinese people and Chinese companies.
Who wants to deal with such a treacherous bank? As a result, HSBC's business in China has experienced an avalanche of decline.
In addition to the damage to its business in China, HSBC's branches in other countries and regions around the world have also been hit hard. Some have been forced to close operations, while others have been losing money, with profits across the HSBC Group falling by as much as 65% year-on-year in 2020.
It can be said that this is the end of HSBC's own suffering. It has made a lot of ill-gotten gains in China, but it has never really repaid China. On the contrary, he continued to betray his promise, which eventually led to today's dismal end.
Not only that, HSBC has also been exposed to a large-scale money laundering scandal. It has used its influence in China to launder money laundering for profit by violating anti-money laundering laws for a long time. However, these violations were eventually discovered and duly punished.
Some people say that this is the retribution of the cycle of heavenly principles. HSBC has been "parasitized" in China for 150 years, but it has never really repaid China. On the contrary, he continued to betray his promise, which eventually led to today's end. Isn't that a form of retribution?
4. The root of the bane is self-inflicted, and it is self-reaping
HSBC's fate today is actually caused by itself. For 150 years, it has been "parasitizing" China for profit, but it has never really repaid China. On the contrary, he repeatedly betrayed his promise, which eventually led to today's dismal end. This is a kind of retribution for oneself.
First of all, HSBC has completely lost the trust of the Chinese people and Chinese companies. For a foreign-funded institution to survive and develop in China, the trust of the people and enterprises is fundamental. However, HSBC's actions have completely eroded this trust.
Who wants to deal with a bank that has treacherously colluded with foreigners to frame Chinese citizens? Chinese people and businesses will naturally stay away from HSBC, which has directly led to an avalanche of decline in HSBC's business in China.
Second, HSBC's business in China is likely to come to an end. As a 150-year-old foreign bank rooted in China, HSBC can be said to have a presence all over China. However, since the Meng Wanzhou incident was exposed, HSBC's ugly face has finally been exposed to the world.
Its despicable act of colluding with the United States to frame Chinese citizens has completely angered the Chinese people and Chinese companies. Who wants to deal with such a treacherous bank? As a result, HSBC's business in China has experienced an avalanche of decline, and it may well be over.
Finally, HSBC's fate is also a warning to all foreign institutions in China that they must not derelict their duties and breach their trust. Any foreign-funded institution that comes to China to operate should abide by the law and must not be treacherous like HSBC. If they are found to have committed dereliction of duty, they will be severely punished and even forced to withdraw from the Chinese market.
5. Maintain a fair and just business environment
HSBC's fate is a reminder to work together to uphold a fair and just business environment. Any foreign-funded institution operating in China should abide by discipline and law, and must not be like HSBC to derelict its duties and breach its trust.
Looking back at HSBC's 150 years of behavior in China, it is not difficult to see that it came with ulterior motives from the very beginning. Founded in 1865 as a British colony in Hong Kong, HSBC was born to be closely bound to the interests of the British colonists.
After entering China, HSBC embarked on the economic plundering of the Qing government. It firmly controlled the economic lifeblood of the Qing Dynasty in the form of usury. After the fall of the Qing Dynasty, HSBC turned its attention to the government of the Republic of China and continued to control the country's finances through its lending business.
It can be said that HSBC has never really given back to China, the fertile soil that nurtured itself, from the very beginning. It's just a lot of ill-gotten gains here in China.
What is even more odious is that HSBC has repeatedly broken its promises and colluded with foreign forces in an attempt to sabotage China's revolutionary cause. During the Xinhai Revolution, it secretly supported the Qing Dynasty in suppressing the revolutionaries and financed the counter-revolutionary forces of the Beiyang warlords.
In the 21st century, HSBC colluded with the United States to frame Huawei and Ms. Meng Wanzhou, committing many crimes.
As a 150-year-old foreign bank with roots in China, HSBC has gone too far. It completely violates the bottom line that a foreign-funded institution should operate in China, and completely angers the Chinese people and Chinese companies.
As a result, HSBC's business in China has experienced an avalanche of decline, and it is likely to come to an end. And its branches in other parts of the world have also been hit hard, with some being forced to close operations and others remaining loss-making.
It can be said that this is the end of HSBC's own suffering. It has made a lot of ill-gotten gains in China, but it has never really repaid China. On the contrary, he continued to betray his promise, which eventually led to today's dismal end. Isn't that a form of retribution?
HSBC's fate is a reminder to work together to uphold a fair and just business environment. Any foreign-funded institution operating in China should abide by discipline and law, and must not be like HSBC to derelict its duties and breach its trust. If they are found to have committed dereliction of duty, they will be severely punished and even forced to withdraw from the Chinese market.
Only by jointly maintaining a fair and just business environment will China's door open wider and wider, and more and more foreign-funded enterprises can take root and thrive on this fertile soil. Let's work together to build a better future of mutual benefit and win-win!