Chinese Firms In Hong Kong’s Job Market
Chinese backed firms in Hong Kong remain attractive to many candidates, even with the recent increase in hiring by international firms. With the ongoing covid situation many candidates are becoming more interested in companies with financial stability and long-term planning in Asia.
Sector Update
Securities Firms continue to benefit from the active Hong Kong market and have not been hugely affected by the pandemic. However, a few companies have been facing a greater challenge to find talent for niche roles, such as Equities Advisory Compliance, and roles that require specific skills and in-depth industry knowledge – this area remains a candidate-driven market in 2021.
Asset Management Firms – there are many new Chinese backed Asset Management firms in Hong Kong who intend to hire experienced Managers-In-Charge (MICs). Whist the more established larger Asset Management firms are continuing to hire replacement focused roles, mostly mid-level business compliance positions.
Cryptocurrency Firms – since the Securities and Futures Commission (SFC) granted their first Virtual Asset Trading Platform License (VATL) this year, more firms are confident and interested in setting up their own cryptocurrency platforms, and as a result they are keen to expand their compliance teams. They are seeking candidates with licensing and Anti-Money Laundering (AML) experience to safeguard against money laundering and terrorist financing.
Virtual Banks remain cautious on hiring and expanding their teams, most of the openings are replacements, as they continue to focus on investing and expanding their offerings to gain market share. The profitability of most of the Virtual Banks remain under pressure in 2021, but they are likely to have increased hiring needs in the second half of the year, especially if adding additional products like Wealth Management Solutions.
Trends
Bonuses have always been a large part of candidate remuneration for Chinese backed firms in Hong Kong, with many firms consistently paying four to six months of base salary. Recently we have seen some firms delaying bonus pay-outs which has caused anxiety to candidates who have started to explore new opportunities.
Technology Skills – there is an increase in the number of companies who seek talent who are experienced in IT Compliance and data analytics skillset.
If you require any further information on the Hong Kong hiring market, or would like to discuss your firms hiring strategy, please contact Michelle for a confidential discussion:
Michelle Yau | Senior Associate | Danos Associates | Hong Kong
Tel: +852 2870 3117 | Email: michelleyau@danosassociates.com
