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Themis Qi

Hong Kong banks expect the contribution of mainland Chinese investors to the city’s wealth management business to continue to grow through 2030, presenting opportunities despite Beijing’s tightened cross-border tax rules.
Mainland China’s share of local assets under management was projected to reach 68 per cent from 59 per cent within five years, according to a report released by the Hong Kong Association of Banks (HKAB) and Deloitte China on Friday.
The report surveyed 147 member banks in the first half of 2026 and offered 37 recommendations on the sector’s development as Hong Kong prepares to unveil its first five-year plan.
“Hong Kong has become the world’s largest cross-border wealth management centre [and] will continue to serve as a vital platform linking mainland China with international capital,” said Stephen Chan, acting chairman of HKAB and deputy CEO of Bank of China (Hong Kong), at a media briefing on Friday.
Surveyed banks considered wealth management to be the biggest growth driver, said David Wu, Hong Kong financial services industry leader at Deloitte China.
Rising demand from mainland investors for international diversification, intergenerational wealth transfer and the expanding family office sector were the primary factors, according to the report.
Banks that integrated portfolio construction, family governance, succession planning and digital asset custody would be best positioned to capitalise on this growth, HKAB and Deloitte said.
To seize opportunities from mainland China, lenders urged the Hong Kong government to enhance the Cross-boundary Wealth Management Connect Scheme by gradually relaxing investor eligibility, easing sales and promotion rules, raising quotas and broadening product ranges to include medium-risk and higher-return options.
Wealth Management Connect, launched in 2021, is currently open only to Hongkongers as well as mainland residents in the Greater Bay Area, an economic region that includes Hong Kong, Macau and nine mainland cities in southern China’s Guangdong province.
Eligible mainland investors should have at least two years of investment experience as well as a minimum of 1 million yuan (US$150,000) in net financial assets and 2 million yuan in household financial assets.
Banks also advised the government to deepen financial linkages with mainland China by adding a long-awaited connect scheme for initial public offerings. They urged accelerating the inclusion of a yuan counter in Stock Connect, enabling mainland investors to subscribe to new listings in the city while boosting yuan internationalisation.
The recommendations came as Beijing tightened taxation on cross-border gains of mainland residents and beneficiaries from offshore trusts and insurance, sparking concerns over Hong Kong’s financial industry.
However, Beijing has backed Hong Kong’s role as an international asset and wealth management centre, enshrined in the country’s latest five-year plan through 2030.
Beyond wealth management, the lenders also highlighted the integration of the bay area corridor and artificial intelligence deployment as two other pillars for the next five years.
They suggested promoting yuan usage in Belt and Road Initiative projects to drive the internationalisation of the currency and establishing a quantum computing strategy to secure Hong Kong’s long-term competitiveness.


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The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says


The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says.


Mainland Chinese investors to drive Hong Kong wealth boom despite new tax rules: report

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says

The city will continue to serve as a vital platform linking mainland China with international capital, Hong Kong Association of Banks says