Though HSBC moved its headquarters to London in 1993, Hong Kong remains its largest market accounting for 54% of its profit, a third of its global revenue, and 50,000 local staff.[174][175] In response, Joshua Wong, a top Hong Kong pro-democracy activist decried the bank's position stating that HSBC's stance demonstrates "how China will use the national security law as new leverage for more political influence over foreign business community in this global city."[3] Alistair Carmichael, the U.K. chairman of the All Parliamentary Group on Hong Kong, said HSBC made a serious error by bending to China’s will regarding the security law, calling it "a colossal misjudgment" since it would be seen as a large British corporation advocating for "a fairly flagrant breach of international law" when banks rely on a rules-based system.[4] Human Rights Watch alleged that "the new national security law will deal the most severe blow to the rights of people in Hong Kong since the territory's transfer to China in 1997."[174]