They are quite dependent, but they are not without options.
My point is that we want to keep the dependency of Chinese capital on Hong Kong going, because as long as they are dependent on Hong Kong, they won't impose harsher repression on Hong Kong of the kind we have seen elsewhere in China, such as in Xinjiang and Tibet.
Moving forward, what we are likely to see in Hong Kong's financial and business sector is a bit of a complication. We have the emergence of underwriting and prominence of Chinese companies in Hong Kong on the one hand and the withdrawal of western firms, particularly U.S. firms, on the other hand. Mind you, Chinese companies are there because they have ready access to U.S. dollars and all the convenience of Hong Kong. If we take that away by using sanctions or whatever punitive means to punish Hong Kong, we might in turn punish Chinese companies. I think that would in turn push the Chinese government to explore other options for doing business with the rest of the world, keeping Hong Kong out of the equation, and that would be bad for Hong Kong.