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Hong Kong was always going to be over.

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.

I visited Hong Kong recently, fourth time, and met a sommelier who moved over prior to the protests. He lamented that in the last few years, following the reduction of the Covid restrictions, many young Hong Kong citizens left. Taking advantage of their BN(O) passports to resettle in the UK, or join family in Australia or the States. Left in place is an aging demographic -- without investment, high-skilled foreign workers, and wealth, the hospitality industry started to slowly collapse.

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.

Interestingly, the population has only decreased by about 1%. It's amazing how such a seemingly small change can have such a large effect.
For me quintessential HK ended with demolition of Kowloon walled city and shutdown of Kai Tak airport.