Hong Kong’s bourgeoning market for initial public offerings since the National Security Law’s implementation proves that the city remains competitive, business magnate Allan Zeman said on Wednesday.

Zeman said the fact that the Hong Kong Stock Exchange has attracted so many fresh IPOs, such as Ant Group’s dual Hong Kong and Shanghai listing that could raise a record US$30 billion, is a “vote of confidence” from global investors in Hong Kong. “For me, that is one of the best barometers that businesspeople around the world can see ‘Wow, nothing has changed in Hong Kong’,” he said.

Zeman’s comments came after what he described as a chaotic Hong Kong since the second half of 2019, when the city was rocked by incessant street violence.

In a face-to-face interview with China Daily, Zeman said last year was a very difficult time for the Asian financial hub as residents were afraid to go out onto the streets, overseas buyers did not want to come to Hong Kong, and the tourism sector was down, all due to the violent protests.

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The National Security Law has created stability for the city and the Pearl of the Orient is “now going back to its old self,” Allan Zeman said

“This was not Hong Kong, I have never seen this in Hong Kong (before)”, said Zeman, who is known as the ‘Father of Lan Kwai Fong’ for founding the famous dining, drinking and partying area in the city’s Central district.

But after the promulgation of the National Security Law on June 30, “just overnight, things come back to the way that HK was before,” the chairman of Lan Kwai Fong said, adding that the National Security Law has created stability for the city and the Pearl of the Orient is “now going back to its old self”.

Under the National Security Law, the 71-year-old entrepreneur believes Hong Kong’s economy and financial system is getting stronger and more resilient, after seeing many companies racing to list on the city’s bourse.

This undated photo shows Allan Zeman, chairman of Lan Kwai Fong Group, speaking during an interview in Hong Kong. (PHOTO / CHINA DAILY)

If the Hong Kong Stock Exchange failed to attract any IPOs, and we go and repackage ourselves as an international financial center, no one is going to believe in what we said, Zeman said. But now, “the proof is in the pudding”, he added.

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Zeman also believes the Guangdong-Hong Kong-Macao Greater Bay Area initiative will be a huge game changer for the city as the region is full of enticing investment opportunities.

At the end of 2019, the Greater Bay Area had a gross domestic product of US$1.68 trillion, which exceeds that of South Korea. With Hong Kong only a 1.5-hour high-speed train journey from the other Greater Bay Area cities, Zeman said the city’s residents are now exposed to a market of over 70 million people on its doorstep, up from 7.5 million.

With Hong Kong regaining stability through the enactment of the National Security Law, the low tax rate, the common law system and sound independent judiciary, Zeman said he is confident that businesspeople will continue to come to Hong Kong and do business through the Greater Bay Area. “So we have nothing to worry about,” he added.