Reminds me of a similar section in HSBC's most recent report:
"In the past year, we steadfastly adhered to the guidance of proper British decorum and exercised rigorous queue management protocols. We carried out mandatory tea breaks and united the whole Bank under the wisdom of His Majesty King Charles III's Thoughts on Sustainable Banking with British Characteristics for a Modern Era. We remain committed to the "Two Queues" (one for deposits, one for withdrawals) and "Two Polite Nods" (upon entering and exiting any branch) and implemented them to the letter.
We earnestly rectified problems discovered during royal inspections, afternoon audits, and supervision by the Beefeaters, resolutely fought against the serving of subpar scones, and unceasingly conducted full and rigorous self-governance over proper tea-steeping times to forge a properly civilized HSBC. We pushed forward the organic integration between the Crown's guidance and corporate governance, ensuring all meetings begin precisely at teatime.
The newly revised Articles of Association, approved by the Master of the Royal Mint while wearing his ceremonial robes at the Tower of London, has come into effect, and our governance system of a modern financial enterprise with distinctly British characteristics (including mandatory bowler hats for all board members) continued to be improved. God Save the King, and may all our ledgers remain as orderly as the changing of the guard."
Having just returned home from my third trip to China this year I find this statement totally unsurprising and terrifying at the same time. I’ve been doing business in China for over a decade, and now that the boom has bust it’s just a thin house of worn and tired cards sitting out in the open as the fall winds build.
Reminds me of a similar section in HSBC's most recent report:
"In the past year, we steadfastly adhered to the guidance of proper British decorum and exercised rigorous queue management protocols. We carried out mandatory tea breaks and united the whole Bank under the wisdom of His Majesty King Charles III's Thoughts on Sustainable Banking with British Characteristics for a Modern Era. We remain committed to the "Two Queues" (one for deposits, one for withdrawals) and "Two Polite Nods" (upon entering and exiting any branch) and implemented them to the letter.
We earnestly rectified problems discovered during royal inspections, afternoon audits, and supervision by the Beefeaters, resolutely fought against the serving of subpar scones, and unceasingly conducted full and rigorous self-governance over proper tea-steeping times to forge a properly civilized HSBC. We pushed forward the organic integration between the Crown's guidance and corporate governance, ensuring all meetings begin precisely at teatime.
The newly revised Articles of Association, approved by the Master of the Royal Mint while wearing his ceremonial robes at the Tower of London, has come into effect, and our governance system of a modern financial enterprise with distinctly British characteristics (including mandatory bowler hats for all board members) continued to be improved. God Save the King, and may all our ledgers remain as orderly as the changing of the guard."
‘Nuff said.
Having just returned home from my third trip to China this year I find this statement totally unsurprising and terrifying at the same time. I’ve been doing business in China for over a decade, and now that the boom has bust it’s just a thin house of worn and tired cards sitting out in the open as the fall winds build.
This is standard template language. Doesn’t mean a whole lot. But it is true loan write-off is a political decision, not an economic decision
Ouch. Know what you own.
How does this language differ vs prior years’ reports? Seems somewhat standard for a Tier 1 Chinese bank