Beijing’s restrictive policy, and the Hong Kong securities regulator’s lack of clarity, resulted in the loss of many entrepreneurs, high-skilled jobs, investors (with their billions of dollars of capital), exchanges and countless other active participants of the industry. From China, these people moved to Hong Kong, Singapore, Dubai, Silicon Valley and beyond. Technological innovation and the further development of the country’s capital markets was resolutely stifled. Yet, what transpired afterwards is quite impressive: It appears that Chinese authorities realized the damaging impact of this ruinous direction and decided to dramatically change course in late 2022.
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