Year after year Hong Kong ranks among the top three leading global financial centers along with New York and London. And this year is no different. According to the recent Global Financial Centre’s Index (GFCI) published by the think-tank Z/Yen, New York is top of the list followed by London and then Hong Kong.
Hong Kong is a city-state that acts as a gateway to mainland China and other Asian markets. It is an extremely competitive financial hub with liquid capital markets, a fully convertible currency and the free flow of goods, information and people. On top of all that it frequently ranks among the leading global financial centers in terms of stock market capitalization, initial public offering (IPO) fund-raising, asset management, banking and insurance.
As a director in financial communications at Hill + Knowlton Strategies Hong Kong, I, along with my team, work with some of the region’s best-known names, including Ping An, PetroChina and Envision.
Companies in the financial sector in Hong Kong benefit from its relatively low taxes, a highly developed financial system, light regulation, and more. According to Brand Hong Kong, the financial sector employs over 263,000 people (6.8% of workforce) (2018) and directly contributes 18.9% to Hong Kong’s GDP (2017). In fact, of the world’s 100 leading banks, 77 are operating in Hong Kong.
Furthermore, Hong Kong’s stock market was the world’s 6th largest and Asia’s 3rd largest by market capitalization at the end of April 2019 (US$4,378 billion). It was the world’s No.1 for IPO funds raised in 2018 (US$36.6 billion) and the best in the world for IPO and M&A (mergers and acquisitions) activity, according to Global Transactions Forecast 2019 compiled by Baker McKenzie and Oxford Economics.
In order to achieve the best possible results for our clients in this fast-paced city, we give them access to the expertise that enables us to provide truly bespoke solutions. Our office is home to over 60 consultants with local and international experience who have handled more than a dozen IPOs over the past twelve months. Core services include PR planning, strategy and execution; local and international media relations (print, broadcast, online); product launches and event management; thought leadership; executive profiling; op-ed and byline writing and editing; media training and global media tours. H+K Hong Kong is also a fully integrated agency that sits as part of a global network of over 85 offices in over 55 countries worldwide.
Our trailblazing work in financial communications in Hong Kong is widely respected within the industry. Some examples include our achievements with Chinese tech giant, Meitu and Hong Kong’s first FinTech IPO with online insurers, Zhong An.
With Hong Kong’s prime position and competitiveness in the region, there is always a positive feeling about the future of financial services in the city-state, which is highlighted by the GFCI I mentioned earlier. In the index, Hong Kong ranks first in the investment management category and only trails London in banking. The city-state also has strong scores in insurance, professional services and government, and regulation.