Hong Kong’s accountancy industry continues to attract young professionals despite a downturn in new share listings in recent years. The Hong Kong Institute of Certified Public Accountants (HKICPA) has seen its membership rise by 10% since 2018, reaching 47,000 qualified accountants. This growth is attributed to the industry’s expanding opportunities in environmental, social, and governance (ESG) reporting, corporate governance consulting, and the Greater Bay Area, according to HKICPA president Roy Leung Sze-kit.
Leung highlights that accountants are no longer solely focused on audits and financial statements for listed companies. They now provide reporting and consulting services in taxation, ESG reporting, and corporate governance. He believes the industry will continue to grow as the demand for ESG-savvy accountants increases and the IPO market recovers with the support of mainland policies.
The IPO market in Hong Kong has faced challenges in recent years, falling from the world’s largest IPO market to 10th place in the first quarter of this year. However, Leung remains optimistic, noting that many companies are still preparing to apply for listings in Hong Kong.
The development of the Greater Bay Area, which includes Hong Kong, Macau, and nine mainland cities, is seen as another growth engine for the local accountancy sector. Many technology and innovative companies in the Greater Bay Area are looking to raise funds through listings in Hong Kong.
To foster collaboration and exchange of ideas within the accounting profession, the HKICPA will host the Cross-straits, Hong Kong, and Macau Accounting Profession Conference in October. The event will bring together hundreds of accountants from mainland China, Taiwan, Macau, and Hong Kong.
