In April this year, the British government issued its six-monthly report on Hong Kong, in which it criticized the territory's implementation of the Safeguarding National Security Ordinance, also known as Article 23 of the Basic Law. The UK report asserted that this legislation does not align with international human rights standards and infringes on the rights and freedoms of Hong Kong residents.
In the preface to the report, British Foreign Secretary David Cameron remarked that nearly all opposition voices in Hong Kong had been silenced following the enactment of the national security law.
Ironically, the British government is now demonstrating its own methods of suppressing dissent.
According to a report by The Times of Israel, British journalist Richard Medhurst said that he was arrested by British police upon his arrival at London’s Heathrow Airport due to his news reporting on Palestine. He was detained and interrogated immediately upon landing.
Richard Medhurst
Medhurst reported that the British police informed him he was suspected of violating Section 12 of the UK's Counter-terrorism Act, which criminalizes anyone who “invites support for a proscribed organization” or “expresses an opinion or belief that is supportive” of such a group.
During the ongoing Israeli-Palestinian conflict, Medhurst criticized Israel’s military actions in the Gaza Strip, describing them as "genocide" against Palestinians. He has written articles and delivered lectures on the distinctions between various Palestinian resistance groups, including Hamas, which the British government has designated as a terrorist organization. On August 19, Medhurst posted on the social media platform X, claiming that he was "the first journalist to be arrested under this section of the law" in the UK.
Medhurst provided a detailed account of his experience at the airport, stating that he was handcuffed by six British police officers as he exited the plane and was subsequently detained and interrogated for nearly 24 hours. According to him, officers first confiscated his phone and prevented him from notifying his family for several hours. He was searched twice within a 10-minute span, and his personal belongings, including equipment essential for his work as a journalist, were thoroughly examined. He was held in a separate cell, which he described as unfit for human habitation, and was monitored by cameras even while using the restroom.
Medhurst said that despite identifying himself as a journalist, the whole process appeared to be designed to "intimidate, humiliate, and dehumanize" him. Furthermore, many of his basic needs, including access to drinking water, were deliberately delayed by the police, exacerbating his distress.
"It was done intentionally on purpose to try and rattle me psychologically .. I am not a terrorist. I’m a product of the diplomatic community, and I’m raised to be anti-war," Medhurst said in a video statement. "I condemn terrorism... but people like me, who speak out and report on the situation in Palestine, are being targeted." He believes that Western journalists covering sensitive topics, such as Israeli military operations, are facing increasing censorship and repression.
"The humanitarian crisis in Gaza remains one of the most pressing news stories in the world. Yet it seems any statement... can be twisted into a crime of the highest order." He further stated, "Freedom of the press and freedom of speech really are under attack. This state is cracking down and escalating to try and stop people from speaking out against our government’s complicity in genocide."
According to The Times of Israel, Medhurst’s profile shows that he was born in Damascus, Syria, and is fluent in English, French, German, and Arabic. He is an independent journalist who had contributed to Lebanon’s Al-Maidan TV station, which was shut down by the Israeli government, and had also worked for Iran's PressTV and Russia Today (RT).
The British government is not shy from showing the world in a perfect manner what it means by double-standards, by unjustifiably interfering in Hong Kong's internal affairs while simultaneously suppressing dissent at home.
Ariel
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
At the arrival of 2026, the happiest thing is to see the "Hong Kong is dead" narrative—proclaimed so loudly by Western voices—die yet again.
Foreign Money Returns Home
The West has written Hong Kong's obituary more times than you can count. They believed the city's return to China should have been its death sentence. American magazine Fortune declared "The Death of Hong Kong" on its 1995 cover—two years before the handover even happened. Hong Kong survived the Asian financial turmoil in the early post-handover years. It survived SARS. Then came 2019's Black Riots, followed by US sanctions on Hong Kong officials in 2020 and the pandemic's hammer blow. Foreign capital fled in an American-orchestrated exodus, with much of it landing in Singapore.
Last February, Stephen Roach—Yale University senior fellow—wrote in the UK's Financial Times with a headline that said it all: "It pains me to say Hong Kong is over." Foreign investors don't just track economic growth when they assess Hong Kong. They watch the stock market. And over the past year, Hong Kong's miraculous stock market comeback has bankrupted the "Hong Kong is dead" theory.
Hong Kong's economy grew an estimated 3.2% in 2025—ranking it among the developed world's top performers. But the stock market performance was getting really interesting. Average daily turnover in the first 11 months hit HK$230.7 billion—a massive 43% jump compared to 2024's same period.
Record-Breaking Fundraising Wins
The Hong Kong Stock Exchange crushed it in 2025. A total of 119 new listings raised HK$285.8 billion—a staggering 220% year-on-year increase and the highest since 2021. According to KPMG's report, HKEX ranked first globally in fundraising. The New York Stock Exchange and Nasdaq tied for second place. Looking ahead, HKEX's fundraising is estimated to reach HK$300-350 billion in 2026, keeping it among the world's top exchanges.
Sure, Mainland capital is investing in Hong Kong. But foreign capital's return has been the real game-changer behind the stock market's strong performance. According to fund industry insiders, what we're seeing now is only wave one—primarily hedge funds and other medium-to-short-term players. As Hong Kong's trading volumes swell and quality Mainland companies list here, the long-term foreign funds will gradually return. The outlook for Hong Kong stocks continues to look favorable.
America's narrative said Hong Kong's National Security Law would scare capital away. Reality proved exactly the opposite. Hong Kong's stable environment gave Chinese companies the confidence to list here. America's targeting of Chinese concept stocks listed on its exchanges was self-destruction—forcing quality Chinese companies to turn to Hong Kong for listing instead. This made Hong Kong's stock market bigger and stronger, compelling even bearish foreign capital to come back.
Beijing's Seal of Approval
President Xi's remarks when meeting Chief Executive John Lee during his duty visit to Beijing in mid-December reveal what work the central government values in Hong Kong. President Xi opened with praise for the Chief Executive's courage and initiative in leading the SAR government. He highlighted four key achievements: steadfast maintenance of national security, successful Legislative Council elections, proactive integration into national development, and achieving steady economic growth.
President Xi's assessment underscores Beijing's high recognition of Hong Kong's ability to do both—safeguard national security and develop the economy simultaneously. Some Hong Kong people believed that having transitioned "from chaos to governance and then to prosperity," the city should set aside national security to focus on economic development. Reality proved this view wrong. Hong Kong must strike a balance between these seemingly contradictory goals and advance on both fronts at once.
Look at Hong Kong's development over the past five years. The city emerged from Black Riots and the pandemic in 2021, achieving a strong rebound from the bottom in 2023. The return to normalcy brought revenge spending that temporarily elevated market sentiment.
But entering 2024, local consumption patterns underwent structural changes. Hong Kong people shopping across the border diverted local retail spending. The strong Hong Kong dollar—tracking the US dollar—and high interest rates suppressed economic activity, leading to structural adjustment.
By the second half of 2025, Hong Kong entered a phase of moderate recovery. The property market began stabilizing after its decline. With the US starting rate cuts in September, capital supply loosened. Hong Kong can continue along this recovery path in 2026—that's the estimate anyway.
Despite the optimism, Hong Kong people must keep working hard. The many vacant shops you see on the streets tell the story—retail economy pressure remains real. In 2024, Hong Kong's total retail sales value of HK$376.8 billion represented a 7.3% year-on-year decline. That's painful for the retail sector.
Retail's Reversal Ahead
Through October 2025, retail sales values remained comparable to the previous year. But consumption began recovering in the second half—retail sales value rose 3.8% in August, 6% in September, and 6.9% in October. 2025 showed an early decline followed by growth, with accelerating consumption momentum. Retail consumption is expected to reverse its decline in 2026.
During this retail transformation, we Hong Kong people must continue their efforts. Old businesses will still be eliminated—that's inevitable. Strategic adjustments are required. New opportunities must be pursued.
Bottom line: Hong Kong's economic performance in 2025 proves once again that the "Hong Kong is dead" theory dies—one more time. Hong Kong has weathered different shocks repeatedly in the past, emerging reborn each time like a phoenix from the ashes.
Lo Wing Hung
