More cash was raised through listings in Hong Kong than on any other exchange in 2006 but the bourse is now in the doghouse. Grumblings about lax governance and political interference spilt into the open on Friday with the resignation of David Webb, independent director of Hong Kong Exchanges & Clearing.

Dissent comes as HKEx’s role as the pre-eminent bourse for mainland Chinese listings is being eclipsed by Shanghai. One mooted response is a special board with diluted standards. This looks spurious. Hong Kong has won overseas companies without lowering the bar. Just 200 of its 1,245 listed companies are incorporated in the territory. Hong Kong hardly needs a return to its Wild West days.