OECD Corporate Governance Factbook 2025: Hong Kong (China)
Table of contents
This Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Hong Kong (China)’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In May 2025, the Companies Ordinance (CO) was amended to introduce a company re-domiciliation regime to facilitate companies incorporated outside Hong Kong (China) to re-domicile to Hong Kong (China), while maintaining legal identity and ensuring business continuity.1
In April 2025, the CO was amended to introduce (i) a new treasury share regime for listed companies to hold and dispose of shares they bought back; and (ii) an implied consent mechanism to promote paperless communication by website for both listed and unlisted companies.2
In April 2023, the CO was amended to expressly cater for the scenario of companies holding fully virtual general meetings without the requirement for presence of members at any physical locations as well as a mixed mode of such virtual general meetings and members attending at physical location(s), i.e. hybrid general meetings.3
The Stock Exchange of Hong Kong Limited (SEHK) amended its listing rules in December 2021 to, amongst other things, require issuers with a single gender board to appoint at least a director of a different gender no later than 31 December 2024.
In April 2024, following a market consultation and the approval from the Securities and Futures Commission (SFC), SEHK introduced enhanced climate-related disclosure requirements in its listing rules. These enhanced requirements are modelled on IFRS S2 Climate-related Disclosures and took effect in phases starting from 1 January 2025.4
In December 2024, after taking into account market feedback and the SFC’s approval, SEHK announced amendments to its Corporate Governance Code and related listing rules to, amongst other things, enhance board effectiveness and reinforce board independence. The new rules took effect starting from 1 July 2025, with transition arrangements.
In January 2025, following a market consultation and the SFC’s approval, SEHK amended the listing rules requiring, amongst other things, issuers to ensure their constitutional documents enable general meetings to be held as hybrid general meetings and provide electronic voting with effect from 10 February 2025. Listed issuers have a transitional period until their next annual general meeting held after 1 July 2025 to amend their constitutional documents.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Hong Kong (China) |
2 303 |
|
-2.7% |
USD 3 050 bn |
749.3% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
* Updates to the Corporate Governance Code under the Listing Rules issued by The Stock Exchange of Hong Kong Limited on 19 December 2024 came into effect on 1 July 2025 (Appendix C1 to the Main Board Listing Rules / Appendix C1 to the GEM Listing Rules).
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate jurisdiction-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* While the Corporate Governance Code under the Listing Rules issued by The Stock Exchange of Hong Kong Limited requires issuers to set measurable objectives (e.g. numerical targets and timelines) for the promotion of gender diversity on their board, it does not specify a numerical target. Issuers may determine their own target and timeline.
* The Main Board and GEM Board ESG reporting guides were revised and issued as Environmental, Social and Governance Reporting Code with effect from 1 January 2025 (Main Board: Environmental, Social and Governance Reporting Code and GEM Board: Environmental, Social and Governance Reporting Code).
* The Main Board and GEM Board ESG reporting guides were revised and issued as Environmental, Social and Governance Reporting Code with effect from 1 January 2025 (Main Board: Environmental, Social and Governance Reporting Code and GEM Board: Environmental, Social and Governance Reporting Code).
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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← 1. The Companies Registry (CR) has issued a Guide on Company Re-domiciliation on this matter.
← 2. The CR has issued a Guidance Note – Good Practice on Communication by Company by Means of Website Under Implied Consent Mechanism and updated a Guide on Communications to and by Companies on these matters.
← 3. The CR has issued a Guidance Note – Good Practice on Holding Virtual or Hybrid General Meetings on this matter.
← 4. SEHK also published an implementation guidance that references reporting principles under IFRS S1 and IFRS S2 to assist issuers.
← 5. Note: “World” covers 98 jurisdictions.