HK local company count reaches record high of 1.43m in April, 742 bankruptcy filings in April

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18th May 2024 – (Hong Kong) The Financial Services and the Treasury Bureau revealed on social media today that Hong Kong has surpassed a significant milestone, with the number of local companies exceeding 1.43 million as of April this year. This figure marks a historic high and reflects the continuous growth in new company formations. On a monthly basis, approximately 12,000 new companies were established, outpacing the dissolution of around 7,400 companies and resulting in a net increase. Concurrently, there are approximately 15,000 non-Hong Kong companies operating in the city, also reaching a new record.

Turning to bankruptcy and liquidation cases, the filings experienced a decline in April compared to the previous month. Bankruptcy filings totalled 742, while liquidation filings amounted to 66, down from 783 and 69, respectively, in March.

In related news, the government recently released its first-quarter economic performance and the latest forecasts for local gross domestic product (GDP) and inflation. The real local GDP showed a moderate annual growth rate of 2.7%, indicating positive expansion. It is believed that Hong Kong’s economy will continue to experience further growth in the remaining months of this year.