London Stock Exchange rejection ‘shows Hong Kong can’t make it alone’
- City must align with China’s national interests to make the most of the country’s opportunities, Communist Party mouthpiece says
In a commentary published late on Saturday, People’s Daily said that getting access to future opportunities in China depended on how well the city consistently aligned with the country’s interests.
The comments came after the London bourse operator rejected Hong Kong Exchanges and Clearing’s (HKEX) surprise takeover bid last week, saying that it did not believe HKEX would give London “the best platform” for China. Instead, it said, it valued its partnership with the Shanghai Stock Exchange.
The People’s Daily commentary said LSEG would not worry about Shanghai because it was fully aligned with China’s priorities.
“As long as China goes up, Shanghai will rise,” it said.
“Can Hong Kong do this? With ongoing violence and calls for independence, external markets will have worries [about Hong Kong],” the commentary said, arguing that the London operator’s comments reflected the thinking of the foreign investment community.