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last yr.

HSBC Reports Wealth Flow from Mainland China to Hong Kong Increased 3-4 Times This Year

HSBC Capitalizing on Development of the Great Bay Area; New Retail Banking Activity Surges 70% and Small Business Banking Activity Rises 90% Since Pandemic End.

Overview

  • HSBC Group CEO Noel Quinn announced that the wealth flow from mainland China to Hong Kong has increased three to four times this year.
  • The Great Bay Area (GBA), encompassing Hong Kong, Macau, and parts of China's southeastern Guangdong province, has been noted by Quinn as presenting significant business opportunities.
  • HSBC has taken advantage of the economic potential of the GBA, buoyed by the combined financial strength of Hong Kong, the manufacturing base in Guangdong, and research capabilities in both regions.
  • Since the end of the COVID-19 pandemic, retail banking activity in the Great Bay Area has risen 70%, demonstrating heightened business activity in the region.
  • Additionally, banking activity among small and mid-sized enterprises (SMEs) in Hong Kong has surged 90%, indicating increased business development and investment.