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The Qing were again defeated, and forced to give up Kowloon Peninsula and Stonecutter's Island in the Convention of Peking.
By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt.
Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese pronunciation hēung góng.
Immediately after the transfer, Hong Kong was severely affected by several crises.
It is one of the most significant global financial centres, holding the highest Financial Development Index score and consistently ranking as the most competitive and freest economic area in the world (2012, 2016, 2017).