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Thread: Is the giant here.

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    Default Is the giant here.

    Chinese Giants Are Taking Over Hong Kong



    What a difference 20 years makes. Back when Hong Kong reverted to Chinese sovereignty in 1997, the British colony’s economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings Ltd., whose influence dates back to the Opium Wars.

    Now, in 2017, a new sheriff is coming to town, so to speak. While Li and his peers are still big, the influence of local tycoons in parts of Hong Kong’s economy is waning while that of mainland Chinese companies is surging—especially in finance, real estate and telecommunications. China’s prevalence continues to grow in other sectors as well.

    Hong Kong has long acted as the gateway into and out of China. In the ’90s, Chinese state-owned firms, known as Red Chips, raised capital from Hong Kong to develop China’s economy. Now, as China’s political influence in Hong Kong grows, cash-rich Chinese firms are gaining more influence in the economy as well.

    In a city where financial services make up almost 18 percent of the economy, Chinese companies are now everywhere. From not even appearing on the list of top 10 arrangers of initial public offerings back in 1997, the likes of China Construction Bank Corp. and Haitong Securities Co. now dominate as sponsors in Hong Kong’s market, one of the world’s biggest. About $5 billion of funds were raised from IPOs in the city so far this year, compared with $3.4 billion in all of 1997.

    https://www.bloomberg.com/news/featu...over-hong-kong


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