The prophets of doom who predicted that the Hong Kong government’s unloading of its stock market portfolio would be a disaster have been proven wrong. Its Tracker Fund of Hong Kong was massively oversubscribed at launch. But behind the offering’s success lies a tale of disputes over commissions and rebates, anxiety among some professionals that that fund would add to market volatility and concern that the government is deviating from a laissez-faire policy that has served the territory so well.
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