Hong Kong has become too dependent on Chinese initial public offerings, Bank of East Asia chairman David Li said Tuesday, the Financial Times reported. While it has succeeded in attracting lucrative listings such as Industrial and Commercial Bank of China's record-breaking US$21.9 billion IPO, Hong Kong now trails Singapore in currency trading and is weakened by its lack of a commodities futures market. Speaking at the launch of a report detailing how the Hong Kong government should respond to China's latest Five-Year Plan, Li warned: "If we do not act now, business may gravitate overseas." The Action Agenda report, issued by the Financial Services Advisory Group which Li chairs, says that Hong Kong needs to become more of a "testing ground" for the convertibility of the yuan, and develop a renminbi futures and options market. Last week, Beijing said mainland financial institutions would be allowed to sell renminbi-denominated bonds in Hong Kong.