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Jeddah - Yasmine El Tohamy - China In-Focus — Analyst leaves state-owned brokerage after bearish commentaries; US plans to impose sanctions on China's Hikvision - FT
BEIJING: Hong Hao, a managing director and head of research at Bank of Communications International Holdings Co., also known as BoCom International, has left the brokerage, a spokesperson for the firm told Reuters on Wednesday.
The departure of the Hong Kong-based Hong, one of the most prominent and outspoken China market analysts, comes just days after he was censored on social media platforms following a series of downbeat commentaries.
BoCom International is the securities unit of Bank of Communications Co, one of China’s biggest state-owned banks.
The Chinese social media accounts of Hong were suspended over the weekend, after the commentaries and a slump in mainland equities to two-year lows on COVID-19 lockdowns and global political tensions.
“Hong Hao has resigned due to personal reasons,” said a spokesperson for the brokerage, declining to elaborate.
Hong, who has been one of the most high-profile commentators of China’s economy, markets and policies, and made frequent appearances in the international media, did not reply to Reuters calls and messages seeking comments.
US plans to impose sanctions on China's Hikvision - FT
The United States is moving toward imposing sanctions on Chinese video surveillance company Hikvision, the Financial Times reported on Wednesday, citing four people familiar with the talks.
The Biden administration is considering placing human rights-related sanctions on the Chinese company, according to the report.
The sanctions, if enforced, could have dire consequences for the maker of surveillance equipment, which was earlier added to a list of companies threatening US national security.
Washington has already begun briefing allies, given Hikvision has customers in more than 180 countries, two of the sources told the FT.
The Federal Communications Commission, in March 2021 had designated five Chinese companies, including Hikvision, as posing a threat to national security under a 2019 law aimed at protecting US communications networks.
China’s Huawei Technologies Co, ZTE Corp, Hytera Communications Corp, and Zhejiang Dahua Technology Co. were the others on the list.
The White House did not immediately respond to Reuters’ request for comment, while Hikvision was not immediately available during a public holiday in China.
(With input from Reuters)
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