Previous Columns

Southbound Stock Connect flows into HKEX are read as mainland equity confidence; the capital-account mechanics SAFE administers suggest the buyers are pricing RMB depreciation risk, not H-share valuations.

Hong Kong's family-office count has become the lead metric in every inbound pitch; the SFC's conduct data suggests that registration and deployed capital are pointing in different directions.

Monday's tariff suspension closed HK$18.2 billion of waiting capital in a single HKEX session and moved none of the structural argument that built the dual-primary listing pipeline.

HKEX volumes are recovering, but the capital pools funding that recovery no longer map to the international exchange the listing manual describes.

Western institutional capital now holds a structural minority share of HKEX price-setting power, replaced by Southbound flows operating under fundamentally different mechanics.

Mainland sponsors and international allocators are pricing the same HK IPOs at a spread that twelve months of roadshows have not closed.