HSBC IS allowed to issue credit cards in China. They're just not allowed to do it on their own. Bank of Communications lets HSBC issue their credit cards, hence the dual BoComm/HSBC logo on their cards.

But no Premier credit cards for this reason. There's a Platinum card linked to BoComm, but no HSBC Premier card. The HSBC Premier UnionPay debit card isn't without benefits, though.

And for reference- the JALCard has an annual fee in the neighborhood of ¥400.