Look more closely, however, and Hong Kong’s financial centre is changing, too. Global banks say that practices from mainland China are seeping into the city. These include a shift in the ways and bonds are underwritten. Where banks’ roles were once clearly defined early in the process, now a handful of institutions, many of them mainland-Chinese, fight for top spots in transactions. Many are accused of inflating their orders for the securities in order to impress clients.
It may sound like a technicality, but bankers fear that Hong Kong’s standing as a global financial centre will suffer. Moreover, the situation mirrors the city’s greater dilemma. A cosmopolitan society with globally recognised norms is rapidly losing ground to a Chinese way of life.SFC, the city’s independent market regulator, may have found a way to resist the bad habits of mainland banks.
The proposed code is a test of whether the regulator can uphold and improve standards in politically fraught times. Many international lenders, investment bankers and fund managers support the measures. Not all mainland institutions will resist. The country’s largest investment banks, such as Citic Securities and, have tended to adopt global best practices as they have done more business overseas. The China Securities Regulatory Commission is also keen to clean up its own system.
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Always improve when middlemen oppress system empowering wrong people Backstabbing workers
Mainland China’s “bad”financial habit successfully resisted 2008 financial crisis caused by Anglo-Saxon countries’ fraudulent financial products and irresponsible government regulations.
愿香港走出困境，续写辉煌
Hong Kong is doing well👍👍👍