The Corporate Retreat From Hong Kong Is Accelerating

The Wall Street Journal: A few years ago, international companies began leaving Hong Kong, concerned about the city’s increasingly close ties to mainland China. But now it’s turning into a widespread flight, involving banks, investment and technology companies. The number of US companies has fallen for four years in a row. In June 2022, it stood at 1,258. That’s the lowest since 2004. Last year, the number of mainland Chinese companies with regional headquarters in Hong Kong surpassed the number of US companies for the first time in three decades. Hong Kong is now seen as an extension of China.

▪️ Few multinational companies are interested in giving up their operations in China. But a growing number prefer to operate in mainland China or open their Asian hubs in Singapore, which has long rivalled Hong Kong as the region’s financial and business centre.

The entire article can be read at the link The Corporate Retreat From Hong Kong Is Accelerating – WSJ