Hong Kong has once again displayed its resilience. The city retained its No 3 ranking in the Global Financial Centres Index, just behind New York and London, while initial public offerings surged eightfold in the first half of 2025. For the first time since 2019, Hong Kong held the top spot in global IPO fundraising. The city clearly still matters in global finance. However, Chief Executive John Lee Ka-chiu’s policy address, while ambitious, was short on specifics. It promised growth in finance,...