COMPANY FIGURES REACH RECORD HIGH

The Government today announced that the number of companies in Hong Kong with overseas or Mainland parent companies rose to 9,960 in 2024, while the number of startups in Hong Kong increased to 4,694, both reaching record highs.

The figures were released in the 2024 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong and the 2024 Startup Survey today.

The survey results demonstrate that Hong Kong is becoming increasingly attractive to businesses and remains an ideal place for Mainland and overseas enterprises to set up or expand their operations.

Secretary for Commerce & Economic Development Algernon Yau said: “With our unique advantages under 'one country, two systems', Hong Kong is the best two-way platform for overseas enterprises to tap into the Mainland market and for Mainland enterprises to go global, and therefore is their prime destination for investment.

“While factors such as global economic uncertainties, a shift in market behaviour after the epidemic and geopolitics have hindered enterprises' global expansion plans, Hong Kong's business-friendly environment has maintained its unique advantages and attractiveness, offering enterprises vast opportunities.”

Mr Yau added that the number of startups in the city continues to grow at an impressive rate, reflecting that the Government's proactive implementation of various support measures in recent years have been effective in nurturing an ideal startup ecosystem for local startups to thrive.

There were 9,960 companies in Hong Kong with parent companies located outside Hong Kong in 2024, representing an increase of 10% year-on-year. The number of people employed reached 493,000.

In terms of where these companies came from in 2024, the Mainland ranked first with 2,620 companies, followed by Japan with 1,430, the US with 1,390, the UK with 720 and Singapore with 520.

Mr Yau pointed out that companies from the Mainland continued to top the list, proving once again that Hong Kong is Mainland enterprises' preferred platform to go global.

“As for the continued growth in the number of companies from overseas, it indicates that businesses remain pragmatic about business expansion and are sensibly choosing Hong Kong as their base to expand in Asia despite geopolitical headwinds.

“As the only city in the world where the global advantages and the China advantages come together in a single economy, Hong Kong will continue to proactively play the bridging roles as a super connector and a super value-adder, attracting overseas enterprises to invest in the Mainland while assisting Mainland enterprises to tap into overseas markets, thereby creating stronger impetus for growth in Hong Kong's trade and economic development.”

By sectors, the import and export trade, wholesale and retail sector topped the list with 4,730 companies, followed by the financing and banking sector with 2,020 and the professional, business and education services sector with 1,530.

Separately, startups in Hong Kong continued to flourish with a record high number of 4,694, up 10% from last year. These startups engaged 17,651 people.

Notably, the number of startups in the health and medical sector as well as the sustainable technology/green technology sector recorded year-on-year increases of 54% and 82% respectively.

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