Foreign critics periodically declare the end of Hong Kong, with some of the most recent warnings following the exit of foreign firms after the 2019 protests and the Covid-19 pandemic. Now, firms are returning in droves, including some new ones in the tech sector. More than 120 strategic corporate partners are establishing a presence in Hong Kong through the government’s Office for Attracting Strategic Enterprises (OASES), including global pharmaceutical and biotech brands such as Pfizer and Amgen. Other, lesser-known firms are arriving on their own as Hong Kong’s economy has recovered from the pandemic.

The Chinese economy has become a force for stability in an unstable world, and the city is benefiting directly as a “superconnector” of mainland Chinese and foreign capital. It’s not all because of OASES, but the initiative certainly helps.

Of the 124 strategic enterprises, 75 per cent have established or will set up regional or global headquarters in Hong Kong. In total, they are projected to bring in HK$73 billion (US$9.3 billion) in investment and create about 25,000 jobs.

Many of the jobs will be “high-value positions” in research and development, covering high-growth sectors such as life and health technology, the low-altitude economy, artificial intelligence, advanced materials and fintech. Some firms have market capitalisations of up to HK$100 billion. Such strategic partners not only raise Hong Kong’s innovative tech profile, but they also reinforce its place in the nation’s 15th five-year plan for China’s economic and technological development extending to 2030.

The latest cohort also includes mainland big names such as Beijing-headquartered fabless semiconductor firm Hygon Information Technology, Hong Kong-listed Jiangsu Hengrui Pharmaceuticals, artificial intelligence firm MiniMax and Tianqi Lithium Corporation. These are cutting-edge firms that will boost Hong Kong’s tech ecosystem as it navigates rising geopolitical tensions, global climate change and energy security.

OASES was established in late 2022 to draw high-potential companies to Hong Kong with incentives such as land and tax concessions. More than 11,000 non-local enterprises established a presence in Hong Kong up to last year, an 11 per cent increase from 2024. The benefits of foreign experience and culture they bring to an international city such as ours should not be underestimated.