Hang Seng is still below levels it touched years ago. Will it ever recover?

Japan’s Nikkei recently crossed 60,000. Taiwan’s market surged with the AI and semiconductor boom. Korea’s KOSPI is near record highs too. Meanwhile, Hong Kong’s Hang Seng is still sitting far below its peak from years ago. And this wasn’t supposed to happen. For a long time, China looked unstoppable economically. But then the property crisis hit. Evergrande alone had liabilities of more than $300 billion. At the same time, companies like Alibaba and Tencent faced heavy regulatory crackdowns that wiped out massive market value. Over time, the problem stopped being just slower growth. Investors started worrying about predictability itself. Markets can handle recessions, inflation, even wars sometimes. What they struggle with is uncertainty around the rules of the game. That’s probably why money kept flowing into Japan, Taiwan, and Korea despite global volatility. I think India should pay attention to that very carefully. Are we building the next japan or slowly becoming the next Hang Seng?