บทบาทของฮ่องกงในฐานะศูนย์กลางทางการเงิน - ภูมิทัศน์ที่กำลังเปลี่ยนแปลง

Agreed, the HSI has been telling a story for a while now. The question is, where is that capital going, and will those alternative hubs be able to replicate HK's specific strengths?

I'd say the 'unique position' argument is getting weaker by the day. Capital flight is definitely a real concern, and it's not just about geopolitics, but also internal policy changes.

It's interesting to consider how much of the current sentiment is priced into HSI already. The market tends to anticipate these shifts, so perhaps the worst of the 'concerns' is already reflected.

Are we seeing a true 'flight' or more of a diversification? Large institutions often de-risk by spreading their operations, not necessarily abandoning a location entirely.