Saxo Bank A/S, a Denmark-based trading platform, is closing its office in Hong Kong. The company cited changes in the business environment as the reason.

In a statement released today (Monday), Saxo described the decision as “difficult but necessary.” It has confirmed that it has stopped accepting new clients and that its main focus is managing the “smooth offboarding process” for affected clients and partners.

Saxo Exits Amid Geopolitical Shifts

The decision to exit Hong Kong follows broader shifts in the city's geopolitical landscape. Beijing's increased control over the financial has impacted its business environment. Although Chinese stocks have recently rebounded due to a stimulus package, investor confidence remains divided over the sustainability of this recovery.

Saxo Bank also announced the closure of its Shanghai office. However, it emphasized that it will continue to operate in the Asia-Pacific region from its Singapore base. The company has been present in Hong Kong since 2011, offering trading and investment services.