They didn't handicap them. HK's status was entirely based on the fact that it was the entry to do business with China. Shanghai and China becoming more open (for example, foreign investors being able to invest in Chinese securities) made HK less important, and the Umbrella Revolution made HK less relevant (bankers don't like risk).

Edit - And this most recent round of demonstrations is the nail in the coffin. No business would ever do business in HK now with the political uncertainty, easier to simply set up shop in Shanghai or form a JV.