Hong Kong has never been short of conspiracy theorists wary of what Beijing is thinking – and the financial community is not immune. Take the speculation that a much-heralded scheme to allow fund managers to sell products across the border has been delayed because the mainland government does not want to reward Hong Kong while its debate over democracy remains heated.

However, there is another, simpler explanation for the presumed delay – and it reflects the ever-closer ties (like them or not) between the two. It is that some of the experts capable of ironing out the technicalities of such a cross-border scheme have been diverted to a far more significant project: the Hong Kong-Shanghai Stock Connect, or “through train” as it is known.

This facility will allow international investors to buy Shanghai’s A-shares via Hong Kong for the first time and, in return, let mainlanders buy Hong Kong’s H shares (the international listing). Last week, China’s securities regulator confirmed that the through train was on track for its scheduled October start, with network tests beginning next month.