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As hedge fund managers declare victory with the launch of the Shanghai-Hong Kong stock link, don’t forget the obvious loser: the city’s pro-democracy movement.

For almost seven weeks, the students who have commandeered key streets around Hong Kong have sought modest concessions from Beijing. They probably would’ve folded their tents long ago if President Xi Jinping had signaled he might, perhaps, maybe let Hong Kongers choose their own leader at some vague point in the years ahead. The angry masses might’ve even settled for the slightest hint that unpopular Chief Executive Leung Chun-ying might step down early.

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