The world’s largest steel company, China Baowu Steel Group, blacklisted HSBC Holdings PLC, claiming that it is a high-risk lender. HSBC Holdings is the only foreign lending institution on Baowu’s blacklist. All other lenders on the list are floundering Chinese banks.
Mike Sun, a North American investment strategist, believes that Baowu Group did this in retaliation for HSBC providing key evidence to the United States in the Huawei Meng Wanzhou case. He believes that this is an intentional blockade of HSBC by a large Chinese state-owned enterprise.
