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Hong Kong Edition
In this week’s Hong Kong Edition, we assess the impact of Donald Trump’s focus on the Jimmy Lai trial and talk to a former Goldman Sachs ban
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Bloomberg

In this week’s Hong Kong Edition, we assess the impact of Donald Trump’s focus on the Jimmy Lai trial and talk to a former Goldman Sachs banker who’s made it her life’s work to study the origins of the city’s street names. For the Review, a proud daughter of Chengdu checks the authenticity of a restaurant named after her hometown.

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Trump Appeal

Hong Kong has largely stayed out of global headlines since Donald Trump returned to the White House, but there’s one issue that’s grabbed the US president’s attention: Jimmy Lai’s trial

Trump’s focus may be fleeting, being pulled in a myriad other directions. But he weighed in as the marathon trial of the former media mogul entered its final act, bringing back at least a fraction of the world attention that’s largely dissipated since mass protests ended in 2020.

“I’m going to do everything I can to save him,” Trump said in a Fox News interview that aired last Thursday. The same day, prosecutors and lawyers were scheduled to start closing arguments in the trial that could keep the 77-year-old imprisoned for life. The proceedings, in true Hong Kong fashion, were delayed by heavy rain and then by Lai’s health.

To be sure, it’s unclear just how much importance Trump attaches to the Lai case. His somewhat abrupt interest comes in the context of tariff talks with China and fits into a scattershot approach to diplomacy, where everything from AI chips to judicial proceedings are seemingly up for negotiation.

Jimmy Lai Photographer: Anthony Wallace/Getty Images

It was the third time in a year that Trump publicly raised Lai’s case, dating back to his presidential campaign. But while Trump called the former Apple Daily owner a “good guy” and said his name had “already entered the circle of things that we’re talking about,” the president also hedged his bets.

“I didn’t say 100% I’d save him,” he said. “I said 100% I’m going to be bringing it up. And I’ve already brought it up.”

Candidate Trump had been more bullish. Weeks before the election, he said “100%, I’ll get him out. He’ll be easy to get out.”

Perhaps he underestimated the complexities of the Lai case.

For decades, Apple Daily was Beijing’s loudest critic in Hong Kong, backing pro-democracy protests in 2014 and 2019. The prosecution has argued that the septuagenarian — who has been detained since December 2020 — orchestrated a conspiracy to incite foreign, including American, sanctions against Hong Kong and China. Lai denies those charges.

Lai reads a copy of Apple Daily at the company's printing facility in a handout photograph taken in 1995. Source: Apple Daily Ltd.

Could Trump get his way? There’s plenty to suggest he won’t. Look, for example, at how Beijing responded to his escalating tariffs: by ratcheting up its own countermeasures.

China has consistently pushed back against any signs of foreign pressure in Lai’s case. Hong Kong has also maintained that it has an independent judiciary and rejects any efforts to interfere.

And as the trial resumed this week, there was no sign that Trump’s remarks were part of a broader effort. Aside from protestations from London — Lai is a British citizen — there wasn’t much of a global response, especially not the kind that was more typical before 2020.

The Hong Kong government “strongly urges any external forces to immediately stop interfering” in the city’s internal affairs, a government spokesman said by e-mail. 

“It is inappropriate for any person to comment on the details of the case in an attempt to interfere with the court to exercise judicial power independently,” the statement said. “Any attempt by any country, organisation, or individual to interfere with the judicial proceedings in” Hong Kong “by means of political power, thereby resulting in a defendant not being able to have a fair trial that one should receive, is a reprehensible act undermining the rule of law.”

Lai, for his part, has courted Trump’s attention. Before the national security law came into effect, he had called the US president Hong Kong’s “only salvation,” convinced that American pressure could prevent the very law under which he now stands trial.

It was then that he urged sanctions, a key plank of the prosecution’s argument. Lai and three of his companies are also charged with a colonial-era sedition offense for allegedly publishing materials that provoked hatred against the government between 2019 and 2021. 

Lai led away from his residence by law enforcement officials in 2020. Photographer: Paul Yeung/Bloomberg

All the lobbying and the pressure may have little weight as the trial enters its final stretch. Closing arguments should conclude next week, though there may not be a verdict before October.

We are otherwise in uncharted territory as Lai was the first person to be charged with conspiracy to collude under the national security law. Using a different legal framework, the court last year found the former editors of now-shuttered Stand News guilty of taking part in a “conspiracy to publish and reproduce seditious publications.” One of them received 21 months in prison, the first jailing of a journalist on sedition charges since the former British colony returned to Chinese rule in 1997.

In a landmark case of 47 activists, 45 were found guilty and two acquitted last year, which ended a conviction streak under the law since Beijing imposed it in 2020. More than 100 people have been found guilty of a crime related to national security since then, according to data tracked by the US consulate in Hong Kong. —Alan Wong

Old-Time Charm

Hong Kong’s summer of big-name football is drawing to a close as the season starts up in Europe, but not before an appearance by one of the game’s brightest former stars. More than 30,000 fans turned out to see Cristiano Ronaldo play in the semi-final of the Saudi Super Cup, his popularity no doubt boosted after a no-show by his arch nemesis Lionel Messi infuriated the city in 2024.

Bend it like Cristiano. Photographer: Wun Suen/AFP/Getty Images

As with other major sporting events recently, there was some wrath this time around as well. Attendance has been very Ronaldo focused and local clubs, both pros and amateurs, were angry over being booted from the pitches they had booked to make room for the visitors.

Organizers will be relieved, then, that Ronaldo’s Al-Nassr edged Al-Ittihad — the stadium erupted when the five-time Ballon d’Or winner assisted Joao Felix for the decisive goal — and will be in the final to play Al-Ahli. The stands were noticeably less packed for other semi-final and Al-Nassr Head Coach Jorge Jesus had reason to declare his aging one-time superstar the biggest show in Hong Kong, giving the club hopes to reach more fans in the broader Chinese market. —Pei Li

Chart of the Week: Dollar Bounce

The Hong Kong dollar has rapidly shifted away from the weak end of its trading band against the greenback. The quick bounce toward the middle of the range is evidence that foreign-exchange intervention is finally taking effect, as bears speed up cutting some short positions. Strong inflows into stocks driving a surge in local funding costs are also aiding the city’s currency.

The one-month Hibor has posted its biggest five-day jump since 2008, shrinking the interest-rate gap with the US to the smallest since May. Option pricing suggests that the recent spike in Hong Kong dollar volatility may prove to be short lived. —Iris Ouyang

Five Minutes With: The Odonymist

Diana Pang spent seven years at Goldman Sachs, then made a hard career pivot from finance to design during the pandemic. On nights and weekends, she devotes hours to researching Hong Kong’s odonymy — the stories and history behind street names and urban development — and chronicles her findings online. We chatted with her about her ongoing project, dubbed 4.2%, and why she named it as such. —Mary Hui

What draws you to studying Hong Kong's street names?

It started when I was walking in Sheung Wan. I was walking past Possession Street, and I realized the Chinese name and this English name had no relationship with each other. It’s 水坑口街 (seoi haang hau gaai, loosely translated as Water Pit Mouth Street) and Possession Street. The two names are so different. I started analyzing and visualizing the data, and when you do that, you see patterns and outliers, and usually there’s a story behind them. That’s how I started my first project, looking at the linguistic relations between Chinese and English street names.

Linguistic origins of Hong Kong street names. Source: Diana Pang

What does it mean to you to look into the history and linguistics of street names? How does it shape your experience of the city?

I named this project 4.2% because only 4.2% of all land in Hong Kong is covered by streets and roads. It’s such a small proportion, but it really shapes how we move, how we work in a city and what we do. I want people to really think about why a street is named a certain way, and what that says about us and where we have come from. It’s also a love letter to the city, just given how things have been in the last decade or so. The other thing is, I really wanted people to think about the stories that are often overlooked.

What are some of those stories?

When we think about streets named after people, we tend to think that these are just white colonial dudes. But there are also Chinese and Eurasian businessmen who acted as the bridge between East and West. For example, [Sir Robert] Hotung has Ho Tung Road. Poshan Road is named after Boshan Wei Yuk, one of the first people to propose a railway from Hong Kong to Canton. 

No mystery over the naming of Queen’s Road. Photographer: Ivan Abreu/Bloomberg

Other than Queen Victoria, do we have any women where we have a street to celebrate them? The stats are pretty grim, but surprisingly not as grim as Paris. So out of 330 that are named after individuals, only 27 are named after women. Out of those, most were royalty. The rest are spouses or daughters of famous men. Only two Chinese women were recognized, and not a single one for her own achievements. There’s only one woman recognized for her own achievement, and that person had no connection with Hong Kong. It’s Florence Nightingale: Nightingale Road outside Queen Elizabeth Hospital.

What is your favorite street in Hong Kong?

This is so hard. You have the poetic ones like Sycamore Street, 詩歌舞街 (si go mou gaai), which is so poetic and translates as Poetry, Song and Dance Street. But you also have the infamous Rednaxela Terrace [which was originally intended as Alexander Terrace]. That’s such a Hong Kong thing, right? Because of the misunderstanding between English and Chinese, you have these kind of interesting in-betweens — it became something new. As much of a cliche answer as it is, I do think Rednaxela Terrace encapsulates what Hong Kong is as a city.

The Review: Chili Oil Redemption

Some folks dream of striking gold, but me? I dream of striking chili oil. As a proud daughter of Chengdu, my taste buds have been trained to navigate the treacherous landscape of Sichuan cuisine. So when I heard a new place simply named Chengdu Restaurant had opened in Central, I knew it was my sworn duty to investigate.

The venue’s parent, Xiangtianxia, is quite famous, having garnered international attention in 2013 when David Cameron visited one of its hotpot restaurants. To this day, the place displays a picture of the former British prime minister. 

So I had high hopes when I went to Chengdu with a guest for a Friday dinner. The moment I opened the menu, my high expectations were replaced by sticker shock — some dishes are easily 10 times the cost of what I’d pay in Chengdu. My parents told me I was insane to eat there when I sent a picture of the menu to them. Though the prices were hard to stomach, the restaurant redeemed itself with undeniably authentic flavors. 

My parents have always told me the true genius of Sichuan cuisine lies in its ability to make every dish taste distinct, even within the same spicy and numbing flavor profile. Chengdu has largely achieved that — starting with century egg, which required an immediate order for two more — but we were disappointed with some dishes that appeared to be signature items, including the tripe rice noodles (not bad, just OK) and the three-year bean paste meat bun (lackluster and too oily). In all, we spent HK$1,982 ($254) on our meal.

The century egg. We needed two more stat. Photographer: Tian Chen/Bloomberg

The vibe: As soon as we stepped in, we were escorted to a private room with a large table featuring an automatic lazy Susan. The room was decorated like an upscale hotel, its dark ambience contrasted by a gold light fixture mimicking the shape of Chengdu’s golden sun bird and backlit wall panels. There was a communal area and a public dining room, which didn’t look busy when we arrived.

Can you conduct a meeting here? It feels too formal for a casual dinner with a friend but may be a good environment for entertaining clients.

Who’s next to you: Literally no one else, since our party of two was placed in a private room. Overall, it was surprisingly quiet in the middle of dinner time on a Friday.

The private room. Photographer: Tian Chen/Bloomberg

What we’d order again: First of all, many dishes had comically cumbersome names, such as the Charred Chili Intangible Cultural Heritage Century Egg (HK$38). But truly, this starter was a revelation. The charred chili delivers a smoky flavor that complements the egg without overwhelming it. It’s fragrant and flavorful, without being too spicy.

Mapo tofu with beef marrow. Photographer: Tian Chen/Bloomberg

The mapo tofu (HK$398) was a standout among the hot dishes, with the addition of beef bone marrow creating a more chewy texture. The tofu itself is soft and silky, and the sauce is a perfect balance of numbing peppercorns and a deep, rich spiciness. Take a spoonful of the tofu and mix it with some rice, and you have a harmonious blend of sweet and spicy.

The Xiangtianxia pork blood curd (HK$398) was so tender it practically melted in my mouth. A common complaint with dishes like this is the smell of the pork intestines, but the preparation ensured a clean taste. The Heritage Eel Shreds (HK$598), eel slices buried in hot chili oil, was the most unique dish of the night. While it still had that classic Sichuan kick, the flavor profile was entirely its own as the chef had infused it with a generous amount of Chinese herbs, giving the rich eel a fragrant and almost medicinal undertone.

Need to know: Chengdu Restaurant is located on the fifth floor of California Tower at 30-32 D’aguilar Street (named after George Charles d'Aguilar, Hong Kong’s first lieutenant governor). It opens at 11:30 a.m. and closes at 10 p.m. —Tian Chen

Read more reviews of Chinese restaurants in Hong Kong: Yat Tung Heen, a Michelin-starred dim sum spot that’s surprisingly cheap; Hunan Weiguan, which our reviewer says is the most authentic Hunan restaurant in the city; and Sheung Shing, the Chiu Chow restaurant frequented by tycoons.

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