- Apple and the London Stock Exchange are just two of the big Western businesses that must prioritise the mainland over Hong Kong
As businesses, Apple and the London Stock Exchange (LSE) don't have much in common. But both companies recently made local business news that cannot be understood apart from the larger China picture.
That China story is, without doubt, better understood by such foreign businesses than our home-grown rebels and their pan-democratic supporters.
Sadly, that is the real tragedy of today's Hong Kong: the refusal of many to accept that the city is nothing apart from the country.
Many smart and informed Westerners know us better than we know ourselves. And you can be sure those people aren't the ones offering free advice and support to the likes of Joshua Wong Chi-fung and Denise Ho Wan-sze.
HKEX drops London exchange bid after its overtures were spurned
Last month, Hong Kong Exchanges and Clearing (HKEX) made an offer to take over the LSE, but the latter said no. The reason given by the LSE was what hurt. "We view Shanghai as the financial centre of China," LSE chief executive David Schwimmer said.
Ouch, so much for the widespread local delusion that Hong Kong is irreplaceable as a financial hub for the country!
In truth, the HKEX offer was made out of weakness rather than strength. It is acutely aware it faces being marginalised in the years ahead with the rise of Shenzhen and Shanghai and that is exactly what Beijing wants.
The failed LSE bid is a justified attempt to broaden HKEX's global footprint. This summer of unrest could only have heightened the feelings of vulnerability within its management that Hong Kong is no longer a haven of stability.
Unfortunately, thanks partly to globe-trotting protesters such as Joshua and Denise, the rest of the world has also been made aware of that.
Apple has pulled a map app that protesters had used to track police movements. American politicians and the press have been quick to denounce the company for kowtowing to Beijing.
However, you may well ask what police force in the world would tolerate a mobile service provided by a mainstream company being used by violent protesters.
Never mind that it was the right decision for Hong Kong people and their public safety; of course Apple doesn't want to upset Beijing!
Whatever noise or measure is coming out of Washington, big Western businesses don't want to bet against China.
Apple and the LSE are the latest examples. Yet, many in Hong Kong are betting against their own country. Who's right?
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