Nearly two-and-a-half years ago, when Hong Kong passed its Competition Ordinance, many were hoping the law would help level the playing field for local entrepreneurs.
Although Asia’s financial capital allows the free flow of information and is widely seen as business-friendly, it’s also known for letting a handful of Hong Kong moguls exercise tight rein over its economy. Perhaps the best known of these magnates is Asia’s richest person, billionaire Li Ka-shing, who controls large property developer Cheung Kong (Holdings) Ltd., one of the two dominant supermarket operators (A.S. Watson & Co. Ltd.), one of two electricity suppliers (Hongkong Electric Co.) and one of four telecom carriers (Hutchison Telecommunications).
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