9. IPO market loses its luster

After securing the accolade as the top listing destination from 2009 to 2011, the value of IPOs listing in Hong Kong has dropped sharply this year and its global ranking is set to tumble down as well.

The bad macroeconomic news around the world and the continuing slowdown of the mainland economy have weighed on Hong Kong's stock market, driving the city's once equity-crazy investors to consider fixed income investments or move to the sidelines.

The heightened scrutiny over listing companies as a result of the explosion of accounting scandals at private mainland companies have also made it harder for listings to get the green light.

The problem for Hong Kong is that its traditional source of IPOs - big Chinese state-owned enterprises - is running dry because most of them were listed during the past decade.

10. Qianhai Devt Zone approved

The State Council in July approved development and opening-up policies for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, paving the way for closer cooperation between Hong Kong and Shenzhen.

The policies, approved by the State Council, will cover six sectors - finance, taxation, legal system, talents, education and medical treatment, and telecommunications. The zone, a stretch of 15-square kilometer reclaimed land in Qianhai Bay, is in western Shenzhen and near Hong Kong and Macao.

The central government aims to build Qianhai into a "pioneering zone" to forge closer cooperation between Hong Kong and the mainland. Under the plan, Qianhai will become a test land for its financial industry open-up, including preparations for cross-border loan issuance experiment and establishment of a trial zone to run cross-border yuan businesses.