People often like to throw around the phrase, “Take the politics out of it.” It’s a lovely sentiment, but rarely is it realistic—politics is everywhere.

At face value, Hong Kong Exchanges and Clearing’s (HKEx’s) bid to acquire the London Stock Exchange Group (LSEG) made sense: It would create a true follow-the-sun exchange group; HKEx would provide an inbound investment channel for China, while LSEG could position itself as China’s outbound channel; they could pick and choose the best platforms