HK sees surge in overseas and Mainland firms, and startups

This reflects its increasing attractiveness to businesses.

The number of startups and the number of companies in Hong Kong with overseas or Mainland China parent companies both reached record levels this year, reflecting its increasing attractiveness to businesses to start or expand their operations, polls revealed.

According to the 2024 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong conducted by Invest Hong Kong (InvestHK) and the Census and Statistics Department, there were 9,960 companies in Hong Kong with parent companies located outside the area in 2024, reflecting a 10% increase last year. The number of people employed reached 493,000, up 5% a year ago.

Per location of the parent company, Mainland China ranked first (2,620), followed by Japan (1,430), the US (1,390), United Kingdom (720) and Singapore (520).

Around 4,730 of the businesses were in the field of import/export trade, the wholesale and retail sector topped the list, followed by the financing and banking sector (2,020), and the professional, business and education services sector (1,530).

Meanwhile, InvestHK's 2024 Startup Survey revealed that startups in Hong Kong reached 4,694 this year, up 10% from last year. These engaged 17,651 persons, representing an increase of 7% from last year.
    
The startups were from various sectors, such as financial technology, information, computer and technology, electronic commerce, education and learning, and data analytics. The health and medical sector specifically witnessed a 54% surge in startups, whilst the sustainable technology/green technology sector saw an 82% year-over-year growth.