Institutional broker CLSA is reportedly considering relocating its flagship investor forum from Hong Kong to Singapore, in yet another example of business disruption caused by strict zero-Covid measures.
CLSA has proposed to relocate its annual investor forum, which is one of Hong Kong’s most renowned business conferences, to Singapore, according to a «Financial Times» report citing unnamed sources.
The star-studded event has been running for almost three decades and typically boasts an attendance of 1,500 institutional investors alongside celebrity guests.
Not Straightforward
According to the report, the relocation of the conference «makes commercial sense» but the decision has not been approved by Zhang Youjun, the chairman of CLSA parent Citic Securities, due to logistical and political challenges.
«[I]t’s in Beijing’s hands. It is not a straightforward political decision,» said one of the sources.
Founded in 1986 by journalists, CLSA was bought by Citic in 2013 for $1.2 billion, making it the first global financial institution to be acquired by a Chinese brokerage at the time.
Zero-Covid in Hong Kong
Hong Kong continues to face the challenge of opportunity loss to Singapore due to the continued disruptions caused by the strict zero-Covid policy, which even the city’s outgoing leader Carrie Lam admits has pushed financial institutions to their limit.
«I have a very strong feeling that people’s tolerance is fading,» Lam said last month. «I have a very good feeling that some of our financial institutions are losing patience about this isolated status of Hong Kong.»
