In the weeks leading up to the planned public offering from Ant, the Chinese fintech group controlled by billionaire and Alibaba founder Jack Ma, bankers in Hong Kong radiated confidence. Here, the argument went, was undeniable proof that the city’s future as a financial hub was secure.

After more than a year of social upheaval, disruption from the coronavirus pandemic and a national security law that raised fundamental questions about the city’s legal system, they appeared to have a point. Then, early last month, the dual Hong Kong-Shanghai IPO was suddenly suspended by Beijing, days before shares were set to begin trading, as China pushed ahead with regulations targeting online lenders and monopolistic practices in its tech sector.

Yet following this eleventh-hour tumult, few believe the city’s status as a major financial hub is in jeopardy, even as much of its financial sector continues to shift towards an even greater reliance on Hong Kong’s role as the primary conduit between Chinese and global finance.