25 years after handover, mainland firms’ presence in Hong Kong grows exponentially and professionals who call city home say ‘the longer you stay here, the more you fancy it’
- Over past 25 years, many ‘Hong Kong drifters’ have been part of the city’s rapidly growing presence of mainland enterprises as well as joining ranks of international firms
- While 1,370 mainland firms account for only 53 per cent of listed companies in city, Corporate China makes up 78 per cent of the HK$37.9 trillion of market capitalisation
When lawmaker and shipping veteran Erik Yim Kong, 50, embarked on a new career move to Hong Kong 25 years ago just weeks before the handover, he had high hopes of making it big even if talk of emigration then was rife.
He assessed the situation and felt the metropolitan city known for its bountiful opportunities for people with ambition would not let him down.
Having graduated from Xiamen University in China with a bachelor’s degree in economics a few years back, he was dispatched by his then company Swire Group of Hong Kong in June 1997 to the city and put in charge of development of the firm’s shipping arm.
“I was full of great expectations for Hong Kong as I had faith in its ‘one country, two systems’ model after the handover,” he recalled.
“Hong Kong has always been a window between China and the rest of the world. At that time I thought Hong Kong would be a great place for development. I aspired to gain international management skills in Hong Kong with its global exposure.”
His career took off and he rapidly moved up the ranks. He later joined state-owned enterprise China Merchants Group in 2006 and rose to become vice-chairman of its subsidiary China Merchants Port Holdings Company, a public ports developer.
Yim is among the city’s flourishing mass of so-called gangpiao, or Hong Kong drifters, a term used to describe mainland Chinese who moved to the city for work but settled down over time. Over the past 25 years since Hong Kong’s return to Chinese sovereignty in 1997, many have been part of the rapidly growing presence of mainland enterprises in Hong Kong as well as joining the ranks of other international businesses.
