HSBC shut down rumors that it would potentially exit from China. Chinese media claimed that the entity is going over the possibility of withdrawing business operations in China due to ongoing controversies involving the British.

HSBC posted on its official WeChat account that it would continue to invest in its China business, services, talents, and technology despite growing rumors of an exit. The post also said that HSBC would continue its sustainable development efforts in the Chinese economy.

The China state-backed media Guancha.cn  reported that HSBC might not resume its operations after initiating job cuts. The said move was perceived by the news outlet as the first stage of withdrawal of the British bank's operations in China. The report also cited that a Beijing observer claimed the bank might withdraw from the mainland market after Huawei was under scrutiny in the British regions.

HSBC was said to be spotlighted by Chinese media over numerous politically sensitive issues that affected its business. The bank was also called out by former Hong Kong chief executive Leung Chun-Ying for undermining Chinese dignity and sovereignty, including the citizens' feelings on cutting out jobs.

The company, however, claimed that China remains its most significant strategic market. The bank also noted that it had been an active participant and staunch supporter of China's market-opening in the last four decades.

Furthermore, the post also highlighted that HSBC respects and supported laws and regulations that would govern Hong Kong. It noted that these laws and regulations set for rebuilding and supporting the recovery of Hong Kong would maintain the principle of 'one country, two systems' in China. It also promised that it had lodged full commitment in playing its part in supporting the Hong Kong market and its future.

The allegations against HSBC came when the bank publicly voiced its support for China's new security that would be enacted, if approved, in Hong Kong. The bank's comment was said to be a reaction to pressure from Chinese media and officials. The decision to support the national security law put HSBC under criticism from one of its largest shareholders. Some Hong Kong employees were also chafing at the move.

Following the public scrutiny, HSBC's stock improved by 0.7 percent this afternoon in Hong Kong. The shares, however, were down by 39 percent compared to 2019 values. There was also a 12 percent loss in the benchmark at the Hang Seng Index.