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A sweeping national security law imposed by Beijing
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is redefining politics in Hong Kong.
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The febrile atmosphere in the city
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is also making it a less attractive place
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for expat bankers, except perhaps for those working
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at Chinese banks, which were targeted
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in last year's demonstrations.
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We've taken a close look whether the political convulsions
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in Hong Kong are accelerating the 'mainlandisation'
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of its financial sector.
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In other words, is Hong Kong's finance sector
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becoming more Chinese?
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At the end of July, bankers at Chinese firms
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totaled more than 2,100.
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That's a massive rise from 2013.
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At the current rate bankers at Chinese firms
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will soon outnumber everyone else.
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That makes sense when you consider that Hong Kong Stock
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Exchange now outshines New York as the premier platform
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for Chinese companies that want to raise dollar funding.
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Chinese listings in the US actually grew by a quarter
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this year to over 3bn, but the value of listings in Hong Kong
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has doubled to more than 18bn.
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And Hong Kong's stock market is set
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to benefit even more from fraying US-China ties,
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as hawks in Washington push to delist Chinese companies that
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don't comply with American accounting standards.
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A divesting is on the cards for virtually every Chinese company
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that listed on Wall Street.
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Many have set up secondary share placements in Hong Kong
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as a fallback option.
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And unsurprisingly, it's the Chinese banks
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who dominate those deals and the IPOs
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of up and coming Chinese tech groups.
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This year, Beijing backed CICC and state run China Merchants
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Bank are the top book runners for listings in Hong Kong.
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Both have more than one billion worth of deals
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to their name so far this year.
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The only western bank to break the top 10 is UBS.
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Hong Kong is starting to look less like a global financial
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nexus and more like an offshore centre for Chinese finance.