I have spoken to many friends in Hong Kong who observe this:
The CCP is hoping it can have, in one small portion of China, Western-style financial markets but none of the underlying freedoms that make those markets possible. In other words, the Party is seeking both extraordinary control and sustainable prosperity.
I am not sure if this can be done. Can Hong Kong maintain her status as a global financial center?
What I see is Hong Kong from hereon, simply being a clone of neighboring Shenzen or Shanghai. But those cities are unlike Hong Kong was, which was truly international in scope.
You are correct. Hong Kong was unique.
In earlier times Shanghai was similar to what Hong Kong became.
Ever since the communists were gifted Hong Kong from the UK they have planned to replace Hong Kong with Shanghai.
They are beginning the process.
They believe Shanghai can provide what your friends describe.