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Publicly, companies deny that their confidence in Hong Kong has been shaken. In private, they are beginning to make backup plans to diversify elsewhere.   © Nikkei illustration
The Big Story

Hong Kong security law sparks race for Asia's next financial capital

Singapore, Seoul, Tokyo are already luring disaffected businesses

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent | Hong Kong

HONG KONG -- When Alexander von zur Muehlen traded a corner office in the tallest skyscraper in Hong Kong for a far pokier office with modest views of the Singapore port, he couldn't help it being seen as a vote of no confidence.

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