China’s overhaul of Hong Kong’s political institutions has crushed the pro-democracy movement, and fueled warnings of an end to the city’s status as an international financial hub.
Yet more than a year after the crackdown began, signs of an investor exodus are hard to find.
Shares in Hong Kong’s exchange operator have doubled since the start of 2020, reflecting confidence in the city’s ability to attract Chinese listings. And the local currency is near the strong end of its trading band against the dollar, suggesting capital outflows aren’t a worry.