Companies involved in China’s electric car industry are setting up shop in Hong Kong to leverage the city’s financial system for their global expansion, investing over $1 billion so far and creating hundreds of jobs.
The world’s largest battery maker, Contemporary Amperex Technology Co. Ltd., said earlier this month it plans to open its international headquarters in Hong Kong with some HK$1.2 billion ($154 million) and hire 500 employees.
It’s a welcome development for the embattled Asian hub after its banner financial industry took a hit from years of Covid restrictions and an economic slowdown in China, leading to firms cutting staff or relocating people out of the city.
