Hong Kong keeps its status as financial hub

Hong Kong has held up as a financial hub after three years of strict Covid restrictions and political upheaval. Officials said that the city’s advantage is its super-connector role to mainland China. Hong Kong’s share of regional initial public offerings (IPOs) is hovering near the lowest in more than two decades amid a global slump in IPOs but Hong Kong Exchanges and Clearing chief executive officer Nicolas Aguzin said the pipeline is “still good” with about 140 companies having submitted their applications. In terms of salaries, Hong Kong still shines. Wages for director and chief officer-level positions are more than 60% higher in Hong Kong, compared with Singapore. Hong Kong’s labour force is hovering near the lowest in a decade, though numbers have recently ticked up again.