What will HK be if there is no 自由行 & Chin enterprises listing on HKSE?
HKSE is nothing without H-share & red chips. There is no commodities futrues, no 2nd listing of foreign corps, its products are far behind other exchanges (even Shanghai had caught up, HK will finish when RMB become freely exchange).
Many HK businesses are just peanuts in eyes of China. That's why many SMEs are forced out of PRD.
I don't see any ground to turn down, but maybe more appropriate by phases.