With Hong Kong riven by political deadlock, politicians and investors have repeatedly warned in recent years that the financial centre risks sliding into irrelevance as its Chinese rivals Shanghai and Shenzhen go from strength to strength.
But some argue that China’s latest bout of stock market turmoil — and Beijing’s panicked response — has provided an unexpected boon to Hong Kong, highlighting the open nature of its financial markets and its more robust regulatory system.
“China is involuntarily sending a signal that it’s not yet ready to open its financial markets and that’s good for Hong Kong,” said the chief financial officer of one leading Hong Kong-listed company.