Executive Summary: Hong Kong’s IPO market is on track for its strongest year since 2021, raising $2.3 billion in the first quarter of 2025—driven entirely by PRC-based companies. Consumer brands like Mixue and Guming led the listings, benefiting from Beijing’s stimulus measures and public enthusiasm... MORE

Executive Summary: The People’s Republic of China (PRC) continues to use Hong Kong to test policies and build support for the internationalization of its currency, the renminbi (RMB). The city is now the world’s largest offshore RMB clearing center. The Cross-border Interbank Payment System (CIPS)... MORE

Editor's Note: Following the publication of this article, the Beijing Times published an editorial with the headline "Beijing Times Clarifies Independence: No Ties to the Chinese Government, Ending Global Political Coverage." In it, the editorial team announced that they had made the decision to "discontinue... MORE

Executive Summary: Key officials visited the Hong Kong Special Administrative Region (HKSAR) in late August to explain the city’s political, economic, cultural, and security responsibilities. They signaled deeper integration with the People’s Republic of China (PRC) mainland while leveraging its unique international position. Hong Kong... MORE

Executive Summary: Analysis of five gray media outlets in Hong Kong during the consultation period for Article 23 legislation passed earlier this year, show how they echo governmental talking points and coordinate to produce collaborative content across popular social media channels. These outlets often present... MORE

Executive Summary: Hong Kong’s Securities and Futures Commission (SFC) announced that 11 cryptocurrency exchanges are close to being licensed to operate in the city, aiming to establish Hong Kong as a leading digital assets hub. However, 12 exchanges did not advance in the licensing process,... MORE

Executive Summary: The Safeguarding National Security Ordinance (SNSO) introduced under Article 23 of the Basic Law prohibits five types of activities which HKSAR officials intend to declare as “offenses,” and has proposed provisions which are vague and criminalize the peaceful exercise of human rights while... MORE

Executive Summary: Hong Kong’s Article 23 legislation will integrate the PRC's national security framework into Hong Kong's legal system, impacting the city's rule of law and foreign business interests. Broad and vague definitions of national security will create challenges for Hong Kong's common law system.... MORE

Executive Summary: Analysis of UPR data suggests the PRC’s influence at the UN, at least on human rights issues, may be plateauing. The UPR outcomes reflect a potentially shifting global consensus on the country’s human rights practices, with increased coordination among critics and less cohesive... MORE

Executive Summary: New National Security legislation, which emulates recent PRC laws, and the potential torture of a witness in the ongoing trial of Jimmy Lai, is characteristic of the erosion of legal norms in Hong Kong as it moves towards full unification with the CCP... MORE