HK to surpass London as No.2 global financial center next year, says GCM's CEO Michael Sacks

Hong Kong is expected to overtake London as the world’s second-best financial center next year, said Michael Sacks, chairman and chief executive of GCM Grosvenor, citing its well-positioned talent and financial services.

When asked for his biggest surprise for next year, he said he expects everyone will be celebrating this honor when they gather for the Global Financial Leaders’ Investment Summit.

"That's a prediction, but I don't know if that's a surprise," he added.

Hong Kong has various fundamental advantages, such as the talent pool, the educated workforce, and the high quality of life, he noted in the summit.

For the financial service business, Hong Kong stands unrivaled in the region and will continue to lead, driven by its international market access, the freedom to trade, and a strong rule of law, Sacks said.

Additionally, as the Chinese people seek to diversify their assets from sectors like real estate into equity markets, Hong Kong is positioned to be a major beneficiary, said Hermes Li, founder of Aspex Management.

He said that the internationalization of the domestic A-share market would also help Hong Kong, citing the largest listing CATL (3750) in the city this year.

With the advancement of technology, he estimated that more A-share-listed technology companies will seek for initial public offering in Hong Kong to raise funds.