Hong Kong’s commercial banks are intensifying efforts to attract mainland Chinese clients during the current Golden Week holiday, despite recent regulatory tightening by Beijing on cross-border investments. This comes as mainland authorities have implemented a 20 percent levy on gains from overseas investments and insurance policies, prompting increased scrutiny of mainland investors’ overseas financial activities.
Major lenders in Hong Kong have unveiled a variety of incentives targeting affluent mainland visitors and clients, aiming to sustain growth in wealth management business amid a more challenging regulatory environment. HSBC has announced rewards of up to HK$88,000 for new high-net-worth customers, alongside exclusive experiences such as a National Day fireworks dinner, China Open tennis tickets in Beijing, and access to K-pop concerts. Frankie Yan, HSBC Hong Kong’s head of retail and wealth distribution, emphasized the bank’s strategic focus on fostering long-term client relationships during this period, saying Golden Week offers an opportunity to deepen engagement beyond one-off transactions.
Other financial institutions have similarly introduced promotions. DBS is providing a HK$1,500 cash rebate to clients who open a DBS Treasures account at its Tsim Sha Tsui branch with a minimum deposit of HK$1 million from October 1 to 10. Industrial and Commercial Bank of China (Asia) is offering a special time deposit rate of 6 percent per annum for new customers. Meanwhile, OCBC recently inaugurated a new branch in Central targeting clients with total asset balances of HK$8 million or more. Josephine Lee, head of consumer financial services at OCBC Hong Kong, projected continued high double-digit growth in mainland-related wealth management business next year, consistent with previous years.
These developments follow China’s phased introduction of a 20 percent levy on cross-border gains from offshore trusts and insurance products in July and August. Regulatory enforcement has extended to Hong Kong-based subsidiaries of Chinese brokerage firms amid a clampdown on online brokerages such as Tiger Brokers and Futu Securities International earlier this year. However, Hong Kong banks remain optimistic about their capacity to maintain stable momentum in servicing mainland clients. Maggie Yung, head of treasures and distribution at DBS Hong Kong, reiterated the bank’s confidence in its mainland-related wealth business while ensuring full regulatory compliance.
U.S.-based Citigroup likewise reported strong demand for international banking and cross-border wealth management services from Asian clients, according to Vicky Kong, head of wealth in Asia North and Australia. OCBC plans to expand its workforce in Hong Kong by adding around 100 frontline employees, including relationship managers, to support growth in wealth management revenue, which rose 40 percent in the first eight months of the year compared with the previous year.
Several banks have announced plans to extend branch operating hours during the seven-day Golden Week to accommodate increased customer activity. Bank of China (Hong Kong) has also launched a promotional campaign offering customers who complete designated wealth management transactions in person during the holiday a chance to win a 50-gram fine gold ingot in a grand prize drawing.
Overall, despite tighter regulatory controls from Beijing, Hong Kong’s banking sector continues to place significant emphasis on cultivating and expanding its mainland Chinese client base during the holiday period.