Hong Kong is bouncing back, especially in finance, defying predictions of decline after the 2019 unrest and the 2020 national security law. The Hong Kong stock exchange has surged to the top of this year’s global rankings as the world’s largest initial public offering venue, with over 300 companies queuing up to list their shares. This resurgence signals resilience, but it also ignites a deeper debate: what kind of Hong Kong is emerging? Concern has swirled around the recent influx of mainland...