You cannot deny the fact that it is mostly international money. Your little theory does not work.
When you lost the discussion, you just admit it and move on.
The fact is that the HK stock exchange is international.
International investors invest in stocks listed on HK stock exchange. No one is forcing you to buy any stocks.
Foreign companies like HSBC, Standard Chartered bank, Prada etc are also listed on the HK stock exchange.
International investors are free to participate in all IPOs in Hong Kong as HK stock exchange is international.
HK benefits from Chinese companies listings. That's what make Hk stock exchange big, active and international.
Local HK companies IPOs are relatively small.
International investors, foreign banks and investors like Goldman Sachs and Morgan Stanley and foreign mutual funds, buy Chinese stocks through the HK stock exchange.
HK government benefits from Chinese stock transaction fees and the stamp duty. Jobs are created for accountants, lawyers and the financial industry.