The final scope of the relief has yet to be determined, and not every proprietary trading firm may qualify. The competition is particularly relevant to proprietary trading firms, which have expanded rapidly in recent years. Capital flows from mainland China remain a major source of activity, including through the Stock Connect programmes linking Hong Kong with exchanges in Shanghai and Shenzhen. The tax proposals could further strengthen Hong Kong’s appeal to global trading businesses already expanding their presence in the city. Citadel Securities, the market-making firm founded by Ken Griffin, is also expanding its Hong Kong operations as it develops additional business lines.