Chinese Communist Party branch formed in HSBC onshore venture

Employees at HSBC’s mainland China securities joint venture have formed a Chinese Communist Party (CCP) branch, in what is believed to be one of the first such branches formed in a foreign-owned finance operation.

Having such a branch is not uncommon among local and foreign companies in the mainland and has been a requirement for privately owned companies to list on domestic bourses there since 2018. Their role is often similar to labour unions or employee advocacy groups within a company.