New CIES draws over 1760 applications, potential to bring $52b

The New Capital Investment Entrant Scheme has received more than 1,760 applications by end-July, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

If fully approved, these applications could channel over HK$52 billion into the city's economy.

Official data shows Hong Kong's corporate registry reached new milestones, with local company registrations exceeding 1.5 million and foreign company registrations surpassing 15,000 - both historic highs.

Investment promotion efforts yielded significant results in the first seven months, with Invest Hong Kong facilitating 1,333 business setups or expansions.

 These projects represent HK$174 billion in initial direct investments and are expected to create more than 19,000 jobs.

The city's fintech ecosystem continues to flourish, now home to over 1,100 fintech and Web3 companies, Hui said.

STAFF REPORTER