With Hong Kong Stock Exchange ranking #3 globally in 2022 in terms of total funds raised, and still remaining a regional HQ hub for variety of MNCs, Hong Kong seemingly has the right tools to remain a global financial center. However, competition from Singapore, COVID-19 pandemic and geopolitical tensions continue to challenge this assumption. Are capital markets players still seeing Hong Kong as their base in Asia? What needs to happen in order for Hong Kong to regain its status, or perhaps it is time for reinvention? And how are capital flows from China and globally affect Hong Kong’s future?