A Ta Kung Pao report published on August 10, 2026, argues that claims such as "Hong Kong is over" have resurfaced repeatedly over the years and says recent remarks by Stephen Roach, former chairman of Morgan Stanley Asia, that "the Hong Kong of old is over" are another example of outsiders misreading the city.
The report says the latest statistics and media coverage indicate that international talent and capital are continuing to flow into Hong Kong, underscoring the city's irreplaceable role as a hub and, in its view, contradicting Roach's argument.
LegCo member Elizabeth Quat is quoted as saying that real data has already disproved what she described as "fallacies." She adds that Chinese mainland is Hong Kong's strongest support, and that the movement of talent and capital toward the city reflects Hong Kong's unique advantage of being "backed by the Chinese mainland and connected to the world."
Elizabeth Quat is also quoted as saying Hong Kong's position as a core city in the Greater Bay Area rests on an international platform, a mature financial system, a sound rule-of-law environment, and regulatory experience aligned with international standards. She says Hong Kong can bring together top global research and innovation resources, and further strengthen its roles as a "super connector" and "super value-adder."
Another LegCo member, Jonathan Leung (as cited in the report), says Hong Kong's return to the top of the global IPO rankings is a clear sign of what he calls the "dividends of the era" brought by China's rise. He adds that the global economic model is shifting and that China remains a key engine of growth.
The report also quotes Executive Council member Jeffrey Lam, who argues that if Hong Kong is described as a major platform for Chinese issuers, the city should see that as a point of pride rather than criticism. He says Hong Kong's role as a "super connector" and "super value-adder" is both a responsibility and an advantage, noting that many mainland companies listing in Hong Kong are internationally known with global operations. He adds that US IPO markets are also dominated by domestic firms, and criticises what he calls a double standard in the criticism of Hong Kong.
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