Heard on the Street: Hong Kong’s stock market meets the needs of China’s corporate sector in a way rivals cannot
Political unrest has cast doubt on Hong Kong’s prospects, yet for Chinese companies the city plays a role that neither Shanghai nor global financial centers such as New York can easily displace.
There are legitimate fears: The protests that have roiled Hong Kong for three months could make China more supportive of its homegrown exchanges in Shanghai and Shenzhen. China has been gradually opening up its stock markets in the past few years. Just this week it scrapped the quotas on two investment programs for foreign institutional...
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