There is also a 25% decline in jobseekers.

As Hong Kong celebrates Christmas and Chinese New Year, candidates have put on ice any efforts to seek new positions in as early as December, leading to the 25% decrease in jobseekers in Q4 according to Morgan McKinley APAC Employment Monitor.

"Sluggishness among multinationals often translates to delays and reduced volumes of hiring for recruiters in this internationally dominated market, but improving trade flows with Mainland China are contributing to an improved economic outlook and optimism on the ground that bodes well for the year ahead," the research firm said.

More so, it noted how the changes around the share and scope of Hong Kong’s banking and financial services employers are beginning to manifest on the ground.

"The increase in focus by Chinese insurance, asset management and banking institutions to grow a stronger foothold in Hong Kong is reflected by the hiring market, with fewer positions becoming available within the territory from the traditional bases of large, overseas multinationals," it said.