(July 16): A former economist at HSBC Holdings Plc plans to run for a seat in Hong Kong’s legislature, vowing to stand up for the financial services sector against growing influence from China.
“Banks, businesses and finance professionals should not have to operate or work in a climate of fear or be coerced into making political statements,” Kelvin Lam Ho-por wrote in a statement announcing his candidacy for the September vote. “Toeing the party line is the last thing the financial industry needs.”
Lam says he understands why HSBC effectively ‘toed the party line’ last month when its top executive in Asia came out in support of China’s new national security law, though he doesn’t agree with the move. He said China’s massive leverage can make companies “give up their principles.”
“To force international companies to make a stance in local politics is unheard of, and extremely unprofessional,” Lam, 41, said in an interview.
Lam, who worked at the London-based bank as a Greater China economist for two years until 2018, is vying to represent the financial services sector in Hong Kong’s Parliament, which sets aside about 35 seats for lawmakers supported by various industry and lobby groups.
Pro Democracy
The economist and district councilor is so far the only self-declared pro-democracy candidate for the sector election, coming just weeks after Beijing passed a national security law to criminalize secession and collusion with foreign powers.
Lam won in the district election last November after standing in for activist Joshua Wong, who was banned by the government from participating.
“I stand because the industry deserves a democratic choice of candidate,” said Lam, who has also worked for Citigroup Inc., UBS Group AG and Banco Santander SA.
Lam will be running against three candidates who competed in the 2016 election. Incumbent Christopher Cheung said he is “actively considering” defending his seat for a third term. Ricky Chim, Honorary Consul in Hong Kong for Papua New Guinea and founder of The Fellowship of Financial Development Strategy, said he also intends to stand as a candidate. The Chairman of the Hong Kong Securities Association, Gordon Tsui, is also mulling a run.
Political tension has heated up with the national security law in place and after the US retaliated by scrapping the city’s special status. Lam said the law threatens Hong Kong’s judicial independence, key to remaining an international financial center.
Chim said he has been in touch with at least 90% of the electorate, in which most of the new voters are local Hong Kong firms or mainland Chinese privately-owned companies. Tsui said he has visited over 300 brokerages. Lam declined to say how many voters he has been in touch with, nor how many nomination votes he had secured. An eligible candidate for the sector must garner at least 10 nomination votes. The candidates will be vying for 812 corporate votes from registered brokers as Exchange Participants and voting members of the Chinese Gold & Silver Exchange Society, according to the 2020 provisional registers.
Chim said he doesn’t believe “an outsider” like Lam could get enough support, while Tsui and Cheung welcomed the competition.
Lam said his primary goal is to provide genuine choice.
“Winning or losing is just secondary to me,” he said.
