Your points 3 and 5 are intertwined, in my view. Hong Kong is likely going to shift from being an ideological to a financial battlefield. The decision to exempt the HKSE from cyber security pre-checks on Chinese IPOs can only be seen as a pre-emptive move by Beijing to bring the US listcos home before the PCAOB kicks them out, and to prevent new hopefuls from going there. This could turn out to be wishful thinking, however, because if US pension fund investment simply follows these Chinese companies to Hong Kong, then what would have been the point? My guess is that the “business risk advisory” will be followed by more targeted corporate sanctions, and that Beijing will respond with its new anti-sanctions toolkit. Anyone who thinks US companies are going to be able to stay neutral in this showdown have not been paying enough attention to what Xi has been saying.