Hong Kong to assist Chinese state firms in re-domiciliation

Hong Kong's Companies Registry has designated specialized officers to assist Chinese state-owned enterprises with their registration applications to help them expand globally, according to Christopher Hui, Secretary for Financial Services and the Treasury.

Writing in his blog, Hui said that the Registry has established dedicated personnel to coordinate SOE applications, consolidate document requirements, and streamline processes to accelerate approvals. 

He emphasized that Hong Kong is positioned to use its distinct strengths to support SOEs in "going global" and expanding their international operations.

Since the new company re-domiciliation regime came into force in May, the first approved application was completed last Wednesday, including a subsidiary of PetroChina Investment (Hong Kong).

Hui noted that after mainland companies establish a presence, the focus will be on enhancing cross-border settlement, remittance, and financing services, with treasury centers serving as the primary platform. 

The government will complete a study on optimizing tax incentive measures in the first half of next year to attract more mainland enterprises to set up treasury centers in Hong Kong.

Additionally, Hui mentioned the government is pushing to accelerate the development of an international gold trading market by expanding storage facilities and establishing a gold central clearing system in the city, alongside supporting the formation of a gold industry association. The commodity trading ecosystem is improving, with London Metal Exchange-approved warehouses increasing from eight to 12.

He also said the bureau will continue to host major international financial events, such as the 10th Hong Kong FinTech Week in early November, the Asian Financial Forum in January next year, and the Wealth for Good in Hong Kong Summit in late March, to explore cooperation and innovation opportunities, enhance Hong Kong's international influence, and promote investment and business expansion.