Hong Kong is seeing a revival of businesses coming to the city, not only from Australia but also from other countries, according to Jason Chang, the chairman of the world’s largest Australian chamber of commerce.

The Australian Chamber of Commerce in Hong Kong represents around 1,000 members and 280 companies, including Australian companies ANZ, Leighton, Macquarie, Telstra, and QBE, as well as local firms such as CLP, the Hongkong and Shanghai Banking Corporation, and CK Hutchison.

There is a waiting list for places at the Australian International School in Kowloon Tong, which is “a good barometer of confidence in Hong Kong,” as most Aussie families in the city send their kids to the school, Chang said in an exclusive interview with The Standard.

Hong Kong is one of the most welcoming places for talent, he said. The government is “not just talking about it. There is a real policy, real legislation, real money, trying to bring people in.”

Starting a company in the city is also “far simpler” than in other places, Chang noted. “There are some requirements, but not too many, so long as you demonstrate the commitment to set up a business here.”

The city is one of the few places in the world where the government is very proactively talking to businesses and “not just talking, but listening” to them.

He said the chamber supports the “One Country, Two Systems” framework, under which both Chinese and English are official languages and the city maintains its own legal and financial systems and way of life, calling it “very central to Hong Kong’s success in the future.”

Chang shared that businesses feel comfortable with the robust common law legal system with international judges in the city’s judicial system.

One unique feature of the relationship between Hong Kong and Australia is the strong people-to-people connection, he said. 

With over 100,000 Australians living in the city, Hong Kong is home to more Australians than almost any other city in the world outside of Australia, second only to London, he said.

Chang also noted that many Hongkongers have studied or worked in Australia, or have family in the country.

Traditionally, Hong Kong is seen as an ideal hub for foreign firms to set up their headquarters, regionally or globally, for their China strategy. But today, the city – very central to all capital markets – is also a gateway for Chinese companies to go overseas, Chang said.

Despite promising prospects, Chang believes the financial hub needs to continue to promote itself to the world, adding that the government is doing “very well” and the chamber is also playing a critical role.

While Hong Kong and Australia largely benefit from a strong trade, commerce and investment relationship, they are also extending their collaboration in education, health, artificial intelligence, and technology, Chang said. 

He added that the chamber is working closely with both governments to facilitate a better environment and policies for businesses.

With the Hong Kong government’s push toward innovation and technology, the city is now becoming a tech hub. Some Australian companies are already in the city specifically to expand their tech penetration into the region, Chang said, highlighting medical technology as an area where Australia has a lot to offer the world.

Hong Kong primed for Australian investment and fundraising

Hong Kong, the world’s top venue for initial public offerings last year, is well-positioned to capture the opportunities to finance capital-intensive mining and critical minerals firms in Australia, Chang said.

Although it is still early days, there is “clearly a lot of interest” in Hong Kong to invest in the Oceanian country’s resources sector, he said, noting that the city is the fifth largest foreign direct investor in Australia, with investments mainly concentrated in property, infrastructure and utilities.

He cited the city’s two largest IPOs last year – Zijin Gold International and Chinese battery manufacturer CATL, or “a critical mineral supply chain company” as he called it – as examples, saying that the city has great potential for all such companies.

On the city’s listing rules, Chang said he was pleased that the stock exchange had released a consultation paper on how to make floating on the exchange easier, more seamless and more efficient.

The chairman hopes that in the future, the bourse can cater to all types of companies, including venture companies and early-stage minerals companies that do not have income yet, in the same way.

On the Middle East conflict, he said the war has “caused people to rethink where they want to be physically present and where they want to put their physical assets.”

Hong Kong, the second-largest wealth management hub in the world, has always been attractive to high-net-worth individuals and family offices and is expected to be viewed favorably, he said.

The chamber is actively working on an initiative to create a platform for family offices and private capital to connect members with capital, he added.

He noted concerns about market disruptions, energy prices and inflation, adding that many are looking for ways to insulate against energy prices and manage procurement.

On that, Chang said the chamber sees Hong Kong as “a very good location for global procurement”, given its central position – close to the Chinese mainland and easily accessible to Europe and the United States. The city is seen as a safe hub, he added.

A magnificent place to live, work and stay connected to the world

Having spent eight years living in Hong Kong, Chang found himself falling in love with the city.

There is no place on earth like Hong Kong in terms of physical beauty and activity, he said.

The city has some of the best hiking trails, beaches, and nicest waters in the world, and the weather is “terrific” – it has four seasons, not hot 24/7, and not humid all year round, Chang said.

“I go outdoors, I do sports, I do hiking, I go to the beach,” he said. “There’s always something to do every weekend. You never get bored.”

Born and raised in Kuala Lumpur, Malaysia, Chang also speaks Putonghua, but admitted there is still room for improvement in his Cantonese.

He compared Malaysia’s capital with Hong Kong, saying that the multicultural city makes him feel very much at home.

He studied economics and law at Australia’s Monash University and lived in Melbourne for more than 30 years. He later set up EMR Capital, a private equity fund focused on mineral resources. He brought his family to the city when the company opened up a Hong Kong office for global expansion, and they all enjoy living here, Chang said. 

One reason for relocation was that he spent a lot of time in the United States for work, and flying from Australia to America takes longer than flying from Hong Kong. The city also offers many daily flights to different US cities.

“Therefore, I get to spend more time with my family instead of being on a plane,” he said.

To him, food is a big thing in life. “Of course, everyone likes Cantonese dim sum. Hong Kong is the world’s headquarters for dim sum, but you also have a lot of international food here,” he said.

There are many good Italian or Australian food options in the city, and one of his favorite Australian restaurants, Arcane, is led by Aussie chef Shane Osborn, Chang said.

He also highlighted that the city’s compact layout makes socializing easy. “I can call a friend and in five minutes we can be at a pub having a beer,” whereas in many countries, he would have to drive and find a parking space to do so, he said.

 

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