The long running unrest in Hong Kong continues to take a toll on the city and as the local economy continues to take a battering, the city's status as Asia's top international financial centre is being threatened by Shanghai and Singapore.
Hong Kong is still ahead in money management, but the stockpile of assets it tends plateaued last year as Singapore's kept growing, Bloomberg reports.
Now, Hong Kong clients are getting anxious. Goldman Sachs Group estimates investors probably moved as much as $4bn to Singapore amid Hong Kong's political unrest as of August. The demonstrations have since continued.
Shanghai is the financial centre of China and should continue to benefit from continued growth of the nation's massive economy"
A student at a Hong Kong university who fell one floor in a parking lot during pro-democracy protests at the weekend died on Friday.
His death is expected to fuel anger at police, who are already under pressure amid accusations of excessive force as the city grapples with its worst political crisis in decades.
Hong Kong raised $36.8bn last year in initial public offerings, making it the world's busiest venue, according to data compiled by Bloomberg.
However, Shanghai is establishing itself as a strong competitor, helped by the government's loosening of policies to encourage companies to rely less on borrowing and more on equity markets for financing.
"Shanghai is the financial centre of China and should continue to benefit from continued growth of the nation's massive economy and ongoing efforts to internationalize the yuan," said Hubert Tse, a partner at law firm Boss & Young in Shanghai.
The Economist Intelligence Unit also ranks Singapore as the top global business environment among 82 regions. Hong Kong is ranked 10th.