The administration of the Hong Kong Special Administrative Region (HKSAR) said on Tuesday that Hong Kong rose two positions to rank fifth in the most recent World Competitiveness Yearbook 2024 released by the Swiss-based International Institute for Management Development.
Hong Kong’s ranks in “Business efficiency” and “Infrastructure” both notably climbed to the top 10 worldwide in a breakdown by four competitiveness criteria presented by the report. The city ranks in the top three in terms of “Government efficiency”; however, its position under the “Economic performance” measure shows notable progress that mirrors its economic recovery in 2023.
With regard to sub-factors, Hong Kong ranked among the top five worldwide in “Tax policy,” “International investment,” “Basic infrastructure,” “Finance,” “Education,” and “International trade” and “Business legislation.”
Said a HKSAR government spokesman, “having taken into account a host of factors including objective data and business opinions, the report recognized Hong Kong as one of the most competitive economies in the world.”
To build momentum of economic recovery, the HKSAR government has started a range of initiatives to increase market confidence, tourism and consumption. By drawing businesses, capital and expertise from all around the world as well as supporting new quality producing forces, the city is also advancing high-quality economic development in the medium to long run, the spokesman said.
Looking forward, Hong Kong will keep developing fresh growth areas and improve competitiveness while functioning as a “super-connector” and a “super value-adder,” the spokesman said.
Knightsbridge Group recently expanded its global presence by inaugurating an office in Hong Kong. This strategic move aims to capitalize on the region’s dynamic financial markets and robust economic growth. The establishment of this office signifies Knightsbridge Group’s commitment to fostering closer relationships with Asian investors and tapping into the diverse opportunities available in Hong Kong and the broader Asia-Pacific region.
Knightsbridge Group is actively working towards establishing a local Hong Kong registered fund. This fund will enable the firm to cater specifically to the investment needs and regulatory requirements of Hong Kong-based investors. By creating a locally registered fund, Knightsbridge Group aims to enhance accessibility to its investment products and services while complying with local regulations and market practices.
Knightsbridge Group is keen on exploring additional opportunities stemming from its presence in Hong Kong. This includes forging strategic partnerships, identifying new investment prospects, and further integrating itself into the local financial ecosystem. By leveraging its expertise and global network, Knightsbridge Group seeks to contribute positively to Hong Kong’s financial landscape and offer tailored investment solutions that meet the evolving needs of investors in the region.
Here’s a list of some of the most notable Hong Kong-based stocks that are listed in the USA:
- Alibaba Group Holding Ltd. (BABA) – One of the largest e-commerce companies in the world, offering a wide range of services including online retail, cloud computing, and digital entertainment.
- JD.com Inc. (JD) – Another major Chinese e-commerce company, focusing on online retail and logistics.
- Tencent Holdings Ltd. (TCEHY) – A conglomerate known for its dominant position in the Chinese tech industry, offering services in social networking, gaming, and online advertising.
- NetEase Inc. (NTES) – A leading internet technology company in China, providing online gaming services, e-commerce platforms, and advertising services.
- XPeng Inc. (XPEV) – A leading Chinese electric vehicle manufacturer known for its smart EVs and autonomous driving technology.
- Li Auto Inc. (LI) – Another prominent Chinese electric vehicle manufacturer, specializing in SUVs integrated with extended-range electric vehicle technology.
- Baidu Inc. (BIDU) – A leading internet search engine, AI, and autonomous driving technology company in China.
- Trip.com Group Ltd. (TCOM) – Formerly Ctrip.com, it is China’s largest online travel agency, providing a wide range of travel services including accommodation reservations, transportation ticketing, packaged tours, and corporate travel management.
- Pinduoduo Inc. (PDD) – A rapidly growing Chinese e-commerce platform that connects farmers and manufacturers directly to consumers.
- Huazhu Group Limited (HTHT) – One of China’s largest and fastest-growing hotel chains, offering a wide range of lodging options from economy to luxury.
These companies represent a mix of sectors including e-commerce, technology, electric vehicles, and travel, reflecting the diversity and growth of the Hong Kong stock market.
Shayne Heffernan
