Financial Giants Converge in Hong Kong Amid Concerns Over Political Situation

The National Security Law is fueling significant departures of international banks, investment firms, and tech companies, reflecting growing apprehension.

James Gorman (L), chairman and chief executive of Morgan Stanley, greets Bob Prince (2nd R), co-chief investment officer at Bridgewater Associates, as Colm Kelleher (2nd L), chairman of UBS Group and Christian Sewing (R), chief executive officer of Deutsche Bank AG, look on at the Global Financial Leaders' Investment Summit in Hong Kong on Nov. 7, 2023. Peter Parks/ AFP via Getty Images

Hong Kong, once celebrated as a key international financial hub and a vital conduit for foreign investments into mainland China, is grappling with a shifting identity.

The city’s gradual alignment with the mainland, diminishing its unique status as a Special Administrative Region, has raised alarm bells in the global financial community.