China has confirmed its detention of Simon Cheng, a trade officer at the British consulate in Hong Kong, for “violating public security regulation”
on Hong Kong’s stock exchange, possibly until October, citing a lack of financial and political stability as pro-democracy protests in the semi-autonomous city’s stretched into their third month, two sources close to the matter told. The secondary listing, originally planned for late August, follows its 2014 IPO, the world’s largest at the time, on the New York Stock Exchange.
It also comes after pilots and crew working for Hong Kong’s flagship airline, Cathay Pacific, described an internal witch hunt with the Beijing government pressuring the carrier to fire staff who support the demonstrations, and Chinese security officials searching the phones of pilots and cabin flying into mainland China. The airline’s CEO, Rupert Hogg, resigned in a shock move following criticism of Cathay Pacific by China’s government and a boycott by state-owned businesses.
The political crisis that has gripped the self-ruling territory for the last 11 weeks was initially triggered by the HK government’s move to create an extradition bill with mainland China. The now-shelved bill raised fears that China’s security services could extradite its political opponents and businessmen who angered the communist regime.
The resignation of Cathay Pacific’s chief executive and reports Alibaba had paused plans for a secondary listing in Hong Kong point to the impact of the conflict between Beijing and the pro-democracy street protesters on local and international businesses.
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