A record number of financial sector firms have registered in Hong Kong last year. The boom in the number of companies in this sector underscores the city’s move to become Asia’s financial hub.
The South China Morning Post reports that a record number of stockbroking firms, fund managers, private equity investors and other financial firms touched down in Hong Kong in 2017. The number of financial firms licensed by the Securities and Futures Commission (SFC) rose 3.5 per cent to 2,702 at the end of March, compared with the same time last year. Licensed stockbrokers increased 10 per cent.
“The growth is particular good news for an economy where financial service contributes to the second-biggest portion of output”, the report says, “and employs the second-biggest part of the city’s workforce.”
Further reading on scmp.com