When InvestHK’s director general Alpha Lau Hai-suen recently said that companies using Dubai as a hub had mostly shifted to Hong Kong after the outbreak of the Iran war, the instinct to leverage the city’s position as a safe haven for investment was understandable. Hong Kong should absolutely try to capture capital and talent unsettled by instability in the Gulf. However, it should resist the temptation to confuse a geopolitical opening with a strategic victory. Opportunity does not become a...