In the days before about 2000, Hong Kong was special case in that it was one of very few gateways into China. It was small and cramped, not a great place for living or business. After 2000, it became just one of the smaller, less modern, Chinese cities on the southern Chinese coast. It didn't have any special advantages over the next city.
Only a hundred kilometres or so away are two larger, much more modern Chinese cities. They have already overshadowed Hong Kong.
If you've visited pre-Covid, you'll immediately sense it too. There's still exceptional restaurants and bars, old and new alike, but struggling with fewer customers and more uncertain outlook.
On the flip side, I'm excited to see how the influx of a new generations of HK/Cantonese culture is going to change the London.