Foreign, mainland Chinese firms in Hong Kong hit record high with 11% surge

The numbers of foreign and mainland Chinese companies, as well as start-ups, in Hong Kong surged by 11 per cent from last year, reaching record highs, the city’s leader has said.

Chief Executive John Lee Ka-chiu said on Monday that the number of foreign and mainland-affiliated firms with parent companies based outside Hong Kong reached 11,070 last year, up 11 per cent year on year, according to the government’s latest annual survey.

“The encouraging results represent more than a vote of confidence in Hong Kong by these businesses and entrepreneurs,” he said at the opening of the 19th Asian Financial Forum.

“They also mean our solid efforts in facilitating business establishment and operation, and in creating an enabling ecosystem for start-ups, are bearing fruits.”

Of the foreign companies, those from Singapore, France, Australia, the United States, and Switzerland rose by more than 11 per cent, while firms from Asean countries and the Middle East increased by about 10 per cent and 5 per cent, respectively.

The number of mainland companies, meanwhile, jumped by 17 per cent, with enterprises from around the world now employing nearly 510,000 people in the city, up 3 per cent from two years ago.