Nearly two-and-a-half years ago, when Hong Kong passed its Competition Ordinance, many expected it to level the playing field in one of the most entrepreneurial economies in the world.
Although Asia’s financial capital is known for its free flow of information and business-friendly environment, it is also known for having its local economy tightly controlled by several moguls. 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 dominating 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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