HSBC denies colluding with the US to ‘set a trap’ for Huawei

HSBC has denied “setting traps to ensnare” Huawei after the bank was dragged into the clash between Washington and Beijing over the global expansion of the Chinese telecommunications group, reported the Financial Times.

In the British-headquartered bank’s first public comments on the controversy, it rejected allegations in Chinese media on Saturday that it tried to entrap Huawei in the act of breaking US sanctions, and that it had presented US authorities with misleading information.

HSBC, which responded to a request from the Department of Justice to provide information on Meng’s alleged sanctions violations, has been thrust into the dispute. It has since become a target for attacks from China’s nationalist state media.

The bank’s Hong Kong-listed shares were down more than 2% on Monday morning, while the broader market was flat.