University of Surrey

Test tubes in the lab Research in the ATI Dance Research

Red Capital in Hong Kong

Wang-Kaeding, Heidi and Kaeding, Malte (2019) Red Capital in Hong Kong Asian Education and Development Studies, 8 (2). pp. 149-160.

[img] Text
Kaeding-Wang and Kaeding_AEDS_Red capital_2019_final.docx - Accepted version Manuscript

Download (51kB)
[img] Text
Kaeding-Wang and Kaeding_AEDS_Red capital_2019_graph.docx - Accepted version Manuscript

Download (22kB)
[img] Text
Kaeding-Wang and Kaeding_AEDS_Red capital_2019_table.docx - Accepted version Manuscript

Download (18kB)
[img] Text
Kaeding-Wang and Kaeding_Red Capital_Asian Education and Development Studies.pdf - Proof
Restricted to Repository staff only

Download (331kB)



The purpose of this paper is threefold: first, to recount the scale, composition and agents of red capital in Hong Kong; second, to conceptualise the peculiarity of red capital; and third, to explore the impact of red capital on the political and economic institutional setup in Hong Kong.


The paper consults the comparative capitalism literature to conceptualise the phenomenon of red capital. The paper gathers data from Hong Kong Stock Exchange and indices to provide an overview of red capital. Furthermore, the case study of 2016 Legislative Election is deployed to investigate the mechanisms of red capital’s influence. The paper concludes with a summary of how red capital may challenge the validity of the “One Country, Two Systems” framework.


This paper argues that red capital replicates China’s state–capital nexus in Hong Kong and morphs the game of competition in favour of Chinese nationally controlled companies. In tandem with the emerging visibility of the party–state in Hong Kong’s economic sphere, the authors observe attempts of Chinese economic actors to compromise democratic institutions, deemed obstacles to state control.


This paper is the first attempt to systematically embed the discussion of red capital into comparative capitalism literature. This study provides conceptual tools to examine why red capital could pose a threat to liberal societies such as Hong Kong. Through this paper, we introduce a novel research agenda to scrutinise capital from authoritarian states and investigate how the capital is changing the political infrastructure shaped by liberal principles and values.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > Department of Politics
Authors :
Wang-Kaeding, Heidi
Date : 8 April 2019
DOI : 10.1108/AEDS-02-2018-0032
Copyright Disclaimer : © Emerald Publishing Limited 2019. Published by Emerald Publishing Limited Licensed re-use rights only.
Uncontrolled Keywords : Red capital; Hong Kong; State-capital nexus; Comparative capitalism
Depositing User : Melanie Hughes
Date Deposited : 07 Nov 2018 11:13
Last Modified : 26 Jul 2019 07:45

Actions (login required)

View Item View Item


Downloads per month over past year

Information about this web site

© The University of Surrey, Guildford, Surrey, GU2 7XH, United Kingdom.
+44 (0)1483 300800