香港作为金融中心的地位——不断演变的格局

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?

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.

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.