Over 320 companies set up or expand business in Hong Kong in first half of 2024

Invest Hong Kong announced on Tuesday that they had assisted 322 mainland and overseas companies to set up or expand their businesses in Hong Kong during the first half of this year, marking a 43 percent year-on-year increase. 

A total investment of HK$38.3 billion was brought to Hong Kong’s economy and created more than 3,500 jobs, climbing by 6 and 44 percent year-on-year, respectively. 

Among the companies, 150 are from the mainland, occupying the biggest portion, followed by the US with 30, the UK with 19, Singapore with 18, and France with 15. 

By industry, 77 companies engage in financial services and fintech, 61 are innovation and technology enterprises, and 52 are family offices. Thirty-three companies provide commercial and professional services and 29 engage in the consumer products business. 

Many mainland companies, especially those in fintech, treat Hong Kong as their global or regional headquarters due to the city’s high standards which match with international levels. They also consider the SAR a stepping stone for them to further their businesses in the Asian market, said Director-General of Investment Promotion Alpha Lau Hai-suen. 

She further mentioned that overseas companies tend to choose the center point of Asia for setting up their regional headquarters to better explore the Asian market. Since Hong Kong is a great choice for senior executives and managers to settle down and reside, many financial and I&T firms locate their headquarters in Hong Kong, Lau added, expecting the trend to continue. 

Lau continued that international and cross-regional businesses have gradually recovered over the past year and the global economy is expected to slowly revive. Lau stressed that InvestHK will work with other bureaus to assist firms in expanding their businesses, regardless of whether they set up their headquarters in Hong Kong. 

Regarding the phenomenon where some mainland restaurants had set up branches in Hong Kong but closed down soon afterwards, Lau believes these to be individual cases and said it is normal that some open for business while others close their doors. 

She pointed out that InvestHK has introduced 29 retailers and 28 hospitality or catering companies over the first half of 2024, seeing a 16 and 33 percent year-on-year increase, respectively. 

Since the Capital Investment Entrant Scheme was launched about three months ago, a total 310 applications have been received, with about HK$9 billion of investment expected. Some 3,600 relevant inquiries were also received.