Deutsche Bank AG(US:DB) 经济观察报·2025-07-19 09:55Core Viewpoint - Capital flows are a vote of confidence in Hong Kong's institutional advantages and market potential, as well as a reinterpretation of the "China growth story" [1][9]. Group 1: Business Expansion in Hong Kong - Over the past two and a half years, 630 companies from mainland China have established or expanded their businesses in Hong Kong, compared to 113 from the US, 89 from the UK, 68 from Singapore, and 38 from Canada [3][15]. - The Deutsche Bank Group emphasizes Hong Kong's critical role as a business hub in North Asia, highlighting its market position [4][21]. - The Hong Kong Securities and Futures Commission reported that by the end of 2024, the total assets under management in Hong Kong's asset and wealth management sector will reach HKD 35.1 trillion, a year-on-year increase of 13% [8]. Group 2: Wealth Management Trends - The net inflow of funds into asset management and fund advisory services surged by 571% year-on-year to HKD 321 billion, indicating a strong demand for wealth management services [8]. - The private banking and wealth management sector saw a 15% growth in assets under management, reaching HKD 10.4 trillion [8]. - The Hong Kong government plans to optimize tax incentives for funds and family offices, with proposals expected to be submitted for legislative review by 2026 [9][29]. Group 3: Foreign Investment and Family Offices - The influx of foreign investment has made Hong Kong a hotbed for investment opportunities, with over 1,300 overseas and mainland companies assisted in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025 [14]. - Family offices from the Middle East are increasingly interested in setting up branches in Hong Kong, attracted by the region's investment opportunities [16]. - The number of family offices in Hong Kong is on the rise, with over 190 family offices assisted in establishing or expanding their operations since the inception of the Hong Kong Investment Promotion Agency's family office team [16]. Group 4: Competitive Advantages of Hong Kong - Hong Kong's unique geographical position, independent judicial system, open financial market, and international talent pool are highlighted as key advantages in attracting high-net-worth individuals [3][24]. - Compared to other financial centers like Singapore and Dubai, Hong Kong offers greater flexibility for family offices in asset allocation, allowing for global asset configuration without the need to relocate all assets [26]. - The city is positioned to become the largest cross-border asset and wealth management center globally within the next two to three years, supported by a stable political environment and a mature financial system [28][29].