More drug, semiconductor firms eyeing Hong Kong for expansion, OASES head says

Ten to 20 more companies are set to establish or expand operations in Hong Kong, including leading drug makers and a semiconductor business, with a roughly equal number of mainland Chinese and overseas firms, the head of a government investment office has said.

Peter Yan King-shun, director general of the Office for Attracting Strategic Enterprises (OASES), a government body under the Financial Secretary’s Office, offered a preview of the developments on Sunday, with details of the next batch of firms setting up in the city to be announced on Thursday.

Yan said the companies included several industry leaders with substantial market valuations. He expected the roughly equal split between mainland and overseas firms to continue, although maintaining the ratio was not an explicit recruitment target.

Five of the world’s 10 largest pharmaceutical companies have already established a presence in Hong Kong.