Core Insights - The number of newly established companies in Macau increased by 150 to 1,257 in the third quarter, primarily in wholesale and retail, and business services sectors [1] - The net increase in companies was 1,013, which is an increase of 189 compared to the second quarter [1] Group 1: Company Formation - Newly established companies had a total registered capital of 120 million MOP, representing a quarter-on-quarter increase of 20.2% [1] - The sources of capital included 35.2 million MOP from mainland China and 64.45 million MOP from the Macau Special Administrative Region, accounting for 30.0% and 54.9% of the total, respectively [1] - Capital from cities within the Greater Bay Area totaled 20.11 million MOP, with Guangzhou contributing 36.8% [1] Group 2: Company Dissolution - A total of 244 companies were dissolved in the third quarter, leading to a net growth of 1,013 companies [1] - For the first three quarters of 2025, there were 3,277 newly established companies and 713 dissolved companies, resulting in a net increase of 2,564 companies [1] Group 3: Capital Distribution - Among the newly established companies, 895 had registered capital of less than 50,000 MOP, making up 71.2% of the total, with corresponding capital of 22.98 million MOP, which is 19.6% of the total [1] - There were 15 newly established companies with registered capital of 1 million MOP or more, accounting for 40.5% of the total capital at 47.5 million MOP [1] Group 4: Overall Capital Statistics - The total registered capital for the first three quarters of 2025 was 420 million MOP [1]

Group 1 - The total number of local and non-Hong Kong companies registered under the Companies Ordinance reached 1,519,103 and 15,614 respectively, both hitting historical highs as of the end of September this year [1] - The number of companies with parent companies outside Hong Kong reached 9,960, also a record high, including 1,410 regional headquarters, 2,410 regional offices, and 6,140 local offices [1] - The top five sources of these companies are Mainland China (2,620), Japan (1,430), the United States (1,390), the United Kingdom (720), and Singapore (520) [1] Group 2 - The Hong Kong Investment Promotion Agency assisted over 1,400 companies from Mainland China and overseas to establish or expand their businesses in Hong Kong from 2023 to September this year [2] - This initiative is expected to bring approximately HKD 194 billion in direct investment and create over 20,000 job opportunities, exceeding the performance targets set in the 2022 Policy Address [2] - The targets for 2023 to 2025 aimed to attract at least 1,130 companies to establish or expand in Hong Kong, generating no less than HKD 77 billion in direct investment and creating at least 15,250 job opportunities [2]

Economic Overview - The overall local GDP in Hong Kong for Q2 2025 increased by 3.1% compared to the same period last year, slightly up from a 3.0% increase in Q1 2025 [1] Service Industry Analysis - The total value added by all service activities rose by 3.4% in Q2 2025, compared to a 2.5% increase in Q1 2025 [1] - The value added by import and export trade, wholesale, and retail industries increased by 6.1% in Q2 2025, up from a 4.2% increase in Q1 2025 [1] - The accommodation and food services sector saw a decline of 1.8% in value added in Q2 2025, consistent with a similar decline in Q1 2025 [1] - The transportation, warehousing, postal, and courier services sector increased by 5.6% in Q2 2025, compared to a 2.6% increase in Q1 2025 [1] - The information and communications sector's value added rose by 1.1% in Q2 2025, remaining stable compared to Q1 2025 [1] Financial and Professional Services - The financial and insurance sector's value added increased by 5.3% in Q2 2025, up from a 4.2% increase in Q1 2025 [2] - The real estate, professional, and business services sector recorded a slight decline of 0.2% in Q2 2025, an improvement from a 0.5% decline in Q1 2025 [2] - The public administration, social, and personal services sector increased by 2.2% in Q2 2025, compared to a 1.7% increase in Q1 2025 [2] Manufacturing and Utilities - The local manufacturing sector's value added rose by 0.9% in Q2 2025, compared to a 0.7% increase in Q1 2025 [2] - The electricity, gas, water supply, and waste management sector saw a 0.2% increase in value added in Q2 2025, recovering from a 1.3% decline in Q1 2025 [2] Construction Industry - The construction sector experienced a decline of 8.7% in value added in Q2 2025, following a 4.9% decline in Q1 2025 [3]

Core Insights - The average wage rate in Hong Kong increased by 3.5% year-on-year in March 2025, with approximately 62% of companies reporting wage increases, while 34% experienced declines [1][2] - After adjusting for inflation, the real average wage rate rose by 1.6% in March 2025 [1][2] - The nominal average salary index for employed individuals increased by 3.2% year-on-year in the first quarter of 2025, with a real increase of 1.6% after accounting for inflation [1][2] Industry Changes - All selected industry categories recorded year-on-year increases in nominal wage indices ranging from 3.1% to 4.1% in March 2025 [2] - Real wage indices across all selected industries also saw year-on-year increases, varying from 1.1% to 2.1% in March 2025 [2] - The nominal average salary index for all selected industries in the first quarter of 2025 increased between 2.0% and 3.9% year-on-year, while real average salary indices rose between 0.4% and 2.3% [2] Wage Index Data - The nominal wage index for the manufacturing sector was +3.2% in March 2025, with a real increase of +1.2% [3] - The wholesale and retail trade sector recorded a nominal increase of +3.1% and a real increase of +1.1% [3] - The transportation sector saw a nominal increase of +3.5% and a real increase of +1.5% [3] - The accommodation and food services sector had a nominal increase of +3.8% and a real increase of +1.8% [3] - The financial and insurance activities sector recorded a nominal increase of +4.0% and a real increase of +2.0% [3] - The real wage index for professional and business services was +2.1% with a nominal increase of +4.1% [3] - The personal services sector experienced a nominal increase of +3.9% and a real increase of +1.9% [3]