The frequent capital activities in the Chinese cultural-linguistic media market over the past two decades have aroused social controversies and had a great impact on social political development in the region. Hong Kong is situated on the frontline and has experienced many kinds of challenges. Due to its value of representativeness around the region, I analyze the changing ownership of ATV and TVB from 1997 to 2017 as well as the controversy of issuing new terrestrial TV licenses in 2009. To symptomatically understand Hong Kong, one must put it in the historical context, especially its dialectical relationship with China. First, I comb in detail the theory of clientelism in China from Mao until the present. Second, I dissect the political thinking of the CCP leadership, which provides the background of the Go Global policy and China Dream proclamation. Third, I investigate the relationship between financial capital and the Go Global policy. The research finding shows that clientelism with Chinese characteristics has penetrated into HK. Capitalists from China, HK, and Taiwan work together during M&A activities and use capital instruments to circumvent legislation supervision. Moreover, the role of Chinese bureaucratic capitalists has become apparent after obtaining immunity from the Chief Executive. The complicity of clientele politics, the evasion of legal sanctions, and a deregulation policy that has allowed non-citizens run local media as proposed by the current Chief Executive have demonstrated the deepening crisis of legal governance in Hong Kong and the erosion of democratic principles.