Ladies and Gents: It's not the market, it's not the managers, it's not Covid.
The future of CX, and all the other internationally well-known companies based in Hong Kong, was sealed from the moment PRC took back Hong Kong. Anyone who thought (or even sadder, still thinks) that "one country, two systems" was ever anything more than a slogan to pacify the people of Hong Kong, and the West, hasn't read their history.