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11 Hong Kong is a hub for both inbound and outbound direct investment.
Source: UNCTAD, EY analysis
2021, Hong Kong is also the largest offshore RMB IPO fundraising market in the world, with US$51.3
clearing center, sharing about 75.1% of the world’s billion raised through IPO102.
RMB payments98. Meanwhile, Hong Kong's stock
market was ranked the 4th largest in Asia after Recent Policies and Reforms
Shanghai Stock Exchange, Japan Exchange Group,
and Shenzhen Stock Exchange, and the 7th largest The Chief Executive’s 2021 Policy Address103
in the world in terms of market capitalization as of
September 202199. There were 2,559 enterprises Recently, the chief executive of Hong Kong has
listed on Hong Kong Stock Exchange and the released the 2021 policy address. It summarizes
total market capitalization of the stock market the challenges and opportunities of Hong Kong and
reached US$ 44,185.4 billion100. Whilst the local proposes several main tasks in the next coming
stock market was considerably volatile due to years. Specifically:
the COVID-19 pandemic, Hong Kong’s asset and
wealth management business continued to grow Main Tasks:
in 2020, with a 21% YoY growth in AUM (assets
under management) to US$4,505 billion, thanks - To develop the northern part of Hong Kong
to the comparable growth among key categories into a metropolitan area which will be an important
such as equity, bonds, and mixed-asset funds. area facilitate Hong Kong’s further integration with
Most of the assets managed in Hong Kong are Shenzhen and the GBA.
invested in equities which accounts for 54% of
the total, followed by bonds which accounted for - To strengthen the formation of the spatial
30%101. In 2020, Hong Kong is also the 2nd largest concept of “Twin Cities, Three Circles”104, facilitate
close collaboration between the governments
98 The Society for Worldwide Interbank Financial of Hong Kong and Shenzhen in areas such as
Telecommunication, https://www.swift.com/our-solu-
tions/compliance-and-shared-services/business-intel- 102 HKTDC, https://research.hktdc.com/en/article/
ligence/renminbi/rmb-tracker/rmb-tracker-document- MzIwNjkzNTY5
centre 103 The Chief Executive’s 2021 Policy Address,
99 World Federation of Exchange, https://focus. https://www.policyaddress.gov.hk/2021/eng/press.
world-exchanges.org/issue/november-2021/market- html
statistics 104 The “Twin Cities” refers to Hong Kong and
100 HKEX, https://www.hkex.com.hk/Market-Data/ Shenzhen, whereas the “Three Circles” includes, from
Statistics/Consolidated-Reports/HKEX-Monthly-Market- the west to the east, the Shenzhen Bay Quality Devel-
Highlights?sc_lang=en opment Circle, the Hong Kong-Shenzhen Close Interac-
101 The Securities and Futures Commission (SFC), tion Circle and the Mirs Bay/Yan Chau Tong Eco-recre-
Asset and Wealth Management Activities Survey 2020, ation/tourism Circle.
https://sfc.hk/-/media/EN/files/COM/Reports-and-sur-
veys/AWMAS2020_e.pdf
134
Source: UNCTAD, EY analysis
2021, Hong Kong is also the largest offshore RMB IPO fundraising market in the world, with US$51.3
clearing center, sharing about 75.1% of the world’s billion raised through IPO102.
RMB payments98. Meanwhile, Hong Kong's stock
market was ranked the 4th largest in Asia after Recent Policies and Reforms
Shanghai Stock Exchange, Japan Exchange Group,
and Shenzhen Stock Exchange, and the 7th largest The Chief Executive’s 2021 Policy Address103
in the world in terms of market capitalization as of
September 202199. There were 2,559 enterprises Recently, the chief executive of Hong Kong has
listed on Hong Kong Stock Exchange and the released the 2021 policy address. It summarizes
total market capitalization of the stock market the challenges and opportunities of Hong Kong and
reached US$ 44,185.4 billion100. Whilst the local proposes several main tasks in the next coming
stock market was considerably volatile due to years. Specifically:
the COVID-19 pandemic, Hong Kong’s asset and
wealth management business continued to grow Main Tasks:
in 2020, with a 21% YoY growth in AUM (assets
under management) to US$4,505 billion, thanks - To develop the northern part of Hong Kong
to the comparable growth among key categories into a metropolitan area which will be an important
such as equity, bonds, and mixed-asset funds. area facilitate Hong Kong’s further integration with
Most of the assets managed in Hong Kong are Shenzhen and the GBA.
invested in equities which accounts for 54% of
the total, followed by bonds which accounted for - To strengthen the formation of the spatial
30%101. In 2020, Hong Kong is also the 2nd largest concept of “Twin Cities, Three Circles”104, facilitate
close collaboration between the governments
98 The Society for Worldwide Interbank Financial of Hong Kong and Shenzhen in areas such as
Telecommunication, https://www.swift.com/our-solu-
tions/compliance-and-shared-services/business-intel- 102 HKTDC, https://research.hktdc.com/en/article/
ligence/renminbi/rmb-tracker/rmb-tracker-document- MzIwNjkzNTY5
centre 103 The Chief Executive’s 2021 Policy Address,
99 World Federation of Exchange, https://focus. https://www.policyaddress.gov.hk/2021/eng/press.
world-exchanges.org/issue/november-2021/market- html
statistics 104 The “Twin Cities” refers to Hong Kong and
100 HKEX, https://www.hkex.com.hk/Market-Data/ Shenzhen, whereas the “Three Circles” includes, from
Statistics/Consolidated-Reports/HKEX-Monthly-Market- the west to the east, the Shenzhen Bay Quality Devel-
Highlights?sc_lang=en opment Circle, the Hong Kong-Shenzhen Close Interac-
101 The Securities and Futures Commission (SFC), tion Circle and the Mirs Bay/Yan Chau Tong Eco-recre-
Asset and Wealth Management Activities Survey 2020, ation/tourism Circle.
https://sfc.hk/-/media/EN/files/COM/Reports-and-sur-
veys/AWMAS2020_e.pdf
134
