Li Lingpu

Hong Kong has long been known as an international money-laundering hub, especially for mainland China.

Hong Kong’s stock market suddenly became much more active following the Easter holiday. Hong Kong Financial Secretary John Tsang said in a conference on May 18 that the increase in stock market activity since the second quarter has resulted in a record market daily turnover.

A large number of mainland Chinese enterprises flocked to be listed in Hong Kong’s stock market this year, overshadowing Hong Kong’s position as one of the world’s major financial centers.

Mainland Chinese media recently reported that the Internet company Tencent Holdings Limited was approaching China LotSynergy Holdings Ltd (CLS) and SMI Culture Group Holdings Limited for acquisition, and the news caused SMI’s stock price to rocket 56.7% and then be suspended. Later, however, the report was found to be nothing but a made-up story.