How Beijing Took Control of Hong Kong’s Financial Hub—and Left the West Behind

[newhkpr]

https://www.wsj.com/world/china/hong...d=hp_lead_pos7

Archive Link: https://archive.is/vDXq1

HONG KONG—With the golden gongs behind her waiting to be rung, Bonnie Chan, head of Hong Kong’s stock exchange, launched into a speech this spring. What she said, extolling Hong Kong’s position as an international financial hub, wasn’t remarkable. Rather, it was how she said it.


The Harvard-educated Chan spoke in Mandarin, a departure from the exchange’s past practice of speeches being given in English or Cantonese. The language was dictated by a 2-to-1 vote over English by the three Chinese asset managers launching new cryptocurrency funds at the exchange that day. The exchange hadn’t offered simultaneous translation in English or any other language.


Foreign banks played major roles in one-fifth of Hong Kong’s initial public offerings this year, compared with roughly half just two years ago. Chinese banks have taken the places of Western ones as top earners in the city’s debt-capital market.
Private bankers are increasingly catering to first-generation Chinese millionaires instead of the rich expatriates who made their fortunes in decades past. Corporate recruiters say conversational Mandarin is essential to get hired.

[RobRoy]

Yep, they can soon put me up next to the recently found dinosaur fossil found on Port Island.

[shri]

Private bankers are increasingly catering to first-generation Chinese millionaires instead of the rich expatriates who made their fortunes in decades past. Corporate recruiters say conversational Mandarin is essential to get hired.

Quite naive .. most of the expats made money because the Chinese or China were making more money. Middle men or women who served a purpose. Trickle down...

Will read the rest later...

[redslert]

Newly minted millionaires are easier to part way with their money for investment pitches.

[pin]

While I get the sentiment, what is the shock and surprise of this?

China number 2 economy in the world. HK an SAR of China.

What did people expect?

Sure expats, etc, will have a role to play but ultimately HK is going to look to China and China will look to HK.

In addition, I think the international banks are focusing their energy in other regions (i.e. Middle East) where they think more money is to be made. The hole in HK is naturally going to be filled by Mainland banks.

But what do I know? Very little probably.

[Gatts]

While I get the sentiment, what is the shock and surprise of this?

China number 2 economy in the world. HK an SAR of China.

What did people expect?

Sure expats, etc, will have a role to play but ultimately HK is going to look to China and China will look to HK.

In addition, I think the international banks are focusing their energy in other regions (i.e. Middle East) where they think more money is to be made. The hole in HK is naturally going to be filled by Mainland banks.

But what do I know? Very little probably.

Until 5 years ago people thought at least China would uphold the 2 systems agreement though, and see where we are now. This is the very reason for the western business exodus as mentioned in the article as well.

[East_coast]

https://www.wsj.com/world/china/hong...d=hp_lead_pos7

Archive Link: https://archive.is/vDXq1

HONG KONG—With the golden gongs behind her waiting to be rung, Bonnie Chan, head of Hong Kong’s stock exchange, launched into a speech this spring. What she said, extolling Hong Kong’s position as an international financial hub, wasn’t remarkable. Rather, it was how she said it.


The Harvard-educated Chan spoke in Mandarin, a departure from the exchange’s past practice of speeches being given in English or Cantonese. The language was dictated by a 2-to-1 vote over English by the three Chinese asset managers launching new cryptocurrency funds at the exchange that day. The exchange hadn’t offered simultaneous translation in English or any other language.


Foreign banks played major roles in one-fifth of Hong Kong’s initial public offerings this year, compared with roughly half just two years ago. Chinese banks have taken the places of Western ones as top earners in the city’s debt-capital market.
Private bankers are increasingly catering to first-generation Chinese millionaires instead of the rich expatriates who made their fortunes in decades past. Corporate recruiters say conversational Mandarin is essential to get hired.

Yes, HK is looking inward rather than being a regional financial hub.

[ByeByeEngland]

I got completely slammed by stating this through the protests (and probably again now) but when the protests were peaceful there were massive concerns but relative freedoms. When they turned less peaceful warnings were given over and over again about the consequences. Other than lip service the west didn’t and doesn’t t care.

Look where we are now. Hindsight is great I know but we are in a far worse position than we would have been.

[hullexile]

I got completely slammed by stating this through the protests (and probably again now) but when the protests were peaceful there were massive concerns but relative freedoms. When they turned less peaceful warnings were given over and over again about the consequences. Other than lip service the west didn’t and doesn’t t care.

Look where we are now. Hindsight is great I know but we are in a far worse position than we would have been.

Are you sure? You think the same path would not have been followed? Hong Kong was always going to get swallowed and controlled by Beijing

[pin]

I blame the British.