This is my last opinion piece before the change of the calendar year. With all the shocking news of Hong Kong over the last eighteen months, from the extradition bill proposal and the final retraction, to the National Security Law enactment and COVID-19 pandemic, to the ultimate judgement – Unfree Speech in Hong Kong, the concept of “one country, two systems” has been perceived as a fairy tale, and even a joke up to now. A lot of people are looking for an “exit strategy.” That said, there is so much for reflection, and life still goes on.

All in all, Hong Kong will survive, but the composition of its people is being replaced, with freedom taken away. People are “exiting” now, or are already in “exile”. It makes me feel like I am among the last batch of Hong Kong survivors, who stubbornly commit themselves to staying in the city, even though its foundations have been destroyed by tyranny.

I have been asked by some young traders and finance professionals whether it is still worthwhile to pursue a career path or any path in Hong Kong, while making a contribution to the city of tremendous political uncertainty. With unjust laws inflicted on the city, and its judiciary perceived as weak and crumbled, who on earth would still have faith in Hong Kong? In all honesty, young professionals should do some serious soul searching to identify realistically whether they have an edge in any trade before “taking the plunge” in any shape or form. This applies to expatriates too, who should read the Basic Law of Hong Kong carefully. Chapter III of the Basic Law, the de-facto Hong Kong mini constitution, describes the Fundamental Rights and Duties of the Residents, including non-permanent residents as well. Beijing will have a tight grip on Hong Kong moving forward, as she doesn’t want to have its national interest being undermined.

I entered the asset management world in 1989 when I was a fresh graduate from college knowing almost nothing. I have come a long way since then and am now regarded as a hedge fund veteran of sorts. With such good times, I am most grateful for what life has to offer. My hedge fund endeavor in the late 90s brought me back to Hong Kong. Like beating the financial markets in its purest form on any trading day, and having a firmer footing in the trades that I have placed and executed, life has its ups and downs as always. The financial markets, economic conditions, local and geo-politics are all intertwined, and Hong Kong is at the epicenter of an uncertain world, and we are doing the final countdown of 2020.

As a Hong Konger witnessing Hong Kong deprived of freedoms, I feel even more passionate than ever about protecting the Hong Kong heritage. I also see the danger of the Beijing masters putting Hong Kong on a totally different course, even though every city will go through changes. For Hong Kong, it is quite different, as we have turned abruptly from a quasi-free city to a police state in six months. So, here comes the diaspora, or ultimate exodus, from the city.

A man at a ripe old age, I look at the markets quite differently now as compared with my 20s, 30s or 40s. I have gained new perspective. I have engaged in more mentorship work than ever, sharing with young guns in the industry that there is more to life than just the market. We have to protect our freedoms, our Cantonese language, and the use of traditional Chinese, something that could be taken for granted, and above all, defend Hong Kong.

I intend to stay in Hong Kong for as long as I could, and defend the “remnants” of this once great city. Nothing is worse than the fact that people living in their own place which we call home are losing hopes for it. The so called “protection” that is prescribed in the Basic Law is not protective enough of the law-abiding business operators in this once great international city. The National Security Law (NSL) is definitely a killer of Hong Kong, speeding up the massacre of our freedoms. These days, business leaders in Hong Kong make international investors feel more uneasy: they wear their hats of members of the Chinese People’s Political Consultative Conference (CPPCC) or delegates to the National People’s Congress Standing Committee (NPCSC) . This “duo role”, which could be perceived as a major conflict of interest and viewed negatively as an agent of the Chinese Communist Party(CCP) to implement retaliatory tactics against businesses, could be a business person’s worst nightmare.

Declaring 2020 the worst year for Hong Kong since the Handover in 1997 is not an exaggeration. With the imposition of the NSL, most people have had enough, and want to start a new life. In fact, the DNA of Hong Kong has changed so drastically that there is not much to look forward to, when the rule of law is not intact anymore. In six months, Hong Kong has entered into an era of rule by fear.

Here is a case of an asset manager whose name is disguised. John called the entire boutique family office of 12: portfolio managers, analysts and back office staff, telling the office associates the following news two weeks ago. “It is a tough decision for me,” John said. “I love Hong Kong and its freedom in the past, and I love this money management business more than anything else. I have made the decision to close the family office at the end of December.” With the “two systems” gone, there is no more real protection, and John is afraid there will be more abuse of power moving forward. “Hong Kong has given the firm the best years, but with the political changes, it is time to move on to the next phase.” My friend John told me he would move back to one of the “five eyes” countries where he is from, and start his “ultimate” life adventure.

John just pinged me a few days ago. He has already settled in the “overseas city” where he once belonged. He has continued to trade in the markets at his “early retirement”. He told me he has found his “higher purpose” in life now – preserving the Hong Kong heritage and helping Hong Kongers overseas. I really don’t know what this means exactly, but he said that he will assist those Hong Kongers who are now “in exile” to settle in a new place better. He is now a connector to young Hong Kongers, giving them as much assistance as he could. Like the young Hong Kongers now in exile, my good friend John is working hard overseas, for the “rebirth of Hong Kong”- he thinks it will happen some day.

(Edward Chin (錢志健) runs a family office. Chin was formerly Country Head of a UK publicly listed hedge fund, the largest of its kind measured by asset under management. Outside the hedge funds space, Chin is Convenor of 2047 Hong Kong Monitor and a Senior Advisor of Reporters Without Borders (RSF, HK & Macau). Chin studied speech communication at the University of Minnesota, and received his MBA from the University of Toronto.Twitter: edwardckchin Youtube: Ed Chin Channel Facebook.com/edckchin Email: [email protected])

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