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CPA Australia Survey: Hong Kong businesses are looking to expand as confidence improves in 2025
Surveyed executives and accounting professionals show a relatively optimistic outlook for Hong Kong’s economy, with 63 per cent anticipating the local economy will grow next year. Hong Kong’s tax system (31 per cent) ranks as the largest positive contributor to the city’s economic and business environment in 2025, while changes in consumer patterns (26 per cent) and tension in US-China relations (26 per cent) are seen to be the two biggest challenges. 56 per cent of respondents rated Hong Kong’s international competitiveness as high.
Mr. Cliff Ip, CPA Australia 2024 Divisional President of Greater China, said, “The survey findings reflect that Hong Kong’s economy and business confidence are expected to steadily improve in the coming year. Recent stimulus measures unveiled by the central government and the Hong Kong government have contributed to this improved sentiment. The start of the rate-cutting cycle has also boosted business confidence. These positive factors should keep this momentum going into 2025 and strengthen Hong Kong’s international competitiveness.
“However, external uncertainties still weigh on some sectors such as tourism and retail. Respondents indicate that changing customer behaviour and weak customer demand are some of the key challenges they expect to face in 2025. In response, companies must keep innovating their products and services, and how they deliver them. They also need to frequently engage with customers and potential customers to better understand trends both in Hong Kong and elsewhere.”
The outlook for initial public offerings (IPOs) in the city is also optimistic. Some 63 per cent of respondents expect the value of funds raised in Hong Kong through IPOs to increase in 2025. “IPO activity in Hong Kong has shown signs of recovery since Q3 due to some mega-sized IPOs. Policies and regulatory reforms are stimulating capital activities and boosting investor confidence,” Ip explained.
The improving economic sentiment is flowing through to revenue projections and business expansion plans in 2025. 51 per cent of respondents predict their company’s revenue will grow next year, with an increase in revenue of between 5 to 20 per cent being the most popular prediction.
In response to this improving business environment, respondents are most likely to forecast that their company will increase their investment in advanced technologies (38 per cent), sales and marketing (37 per cent) and expansion outside of Hong Kong (36 per cent). A notably high proportion of respondents to this survey stated that their company has expansions plan in the next three years at home or abroad, with mainland China (40 per cent) again nominated as the most popular destination.
Though cost management remains the top strategic focus for many companies, the percentage choosing it has dropped from 39 per cent in 2024 to 27 per cent in 2025. While slightly more are expected to focus on market expansion activities (27 per cent) and innovation and digitalisation (26 per cent).
Ip stated, “The more positive business environment is being reflected in an expected shift in corporate strategy away from defensive strategies such as cost management and improving business efficiency towards more expansionary strategies such as market expansion and innovation.”
To support growing revenue and expansion plans, companies are keen to add more employees and increase salary to retain talent. 57 of per cent respondents expect that their companies to increase headcount, the highest new hiring intention since 2020. These new hiring intentions are strongest amongst larger companies. Salaries are expected to grow, with 62 per cent expecting to receive a salary increase in 2025.
While the economy looks to be on a positive trajectory, predictions for price changes in the property market in 2025 are uncertain, with similar numbers of respondents expecting prices to increase and decrease, however more respondents expect prices to increase than the previous two years.
Ip explained, “The city’s property market is recovering, with demand gradually growing. This is due to recent interest rate cuts and changes in government policies such as the relaxation of restrictive measures in the housing market. However, with sectors such as SMEs undergoing a relatively slower recovery due to the weak domestic demand, this is leading to stagnation in the rental market.”
The survey data shows nearly all Hong Kong companies have introduced at least some ESG measures into their operations, with only three per cent stating they have not taken any ESG actions. Another 35 per cent expect their company to increase their ESG-related initiatives and activities next year. Respondents were most likely to nominate compliance and increasing compliance costs as the biggest impact ESG is having on their business.
CPA Australia collected 568 responses from Hong Kong-based executives, accounting and finance professionals working in various industries in October and November for this Hong Kong Economic and Business Sentiment Survey 2025.
Hashtag: #CPAAustraliaHongKong #2025HongKongBusinessOutlook #Forecast #Advocacy #ThoughtLeadership #Accounting
https://www.cpaaustralia.com.au/
https://www.linkedin.com/school/cpaaustralia/
The issuer is solely responsible for the content of this announcement.
CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 22,500 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and the public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
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The “ANDPAD” Cloud-Based Construction Project Management Service Adds Supporting Indonesian, Thai, Traditional Chinese (Taiwan), and Spanish Languages
With the new addition of these four languages, ANDPAD now supports six languages, including the previously released English and Vietnamese.
■ Background
Japan’s construction sector faces chronic labor shortages, leading to an increase in the hiring of foreign nationals from Southeast Asia. This trend is accelerated by the Specified Skilled Worker system, supported by bilateral Memoranda of Cooperation (MOC) between Japan and various Southeast Asian governments. Consequently, a growing number of technical interns are transitioning to Specified Skilled Worker status. Consequently, a growing number of technical interns are transitioning to Specified Skilled Worker status.
Simultaneously, the construction sector is expanding in many Southeast Asian countries, although it still faces common challenges of on-site quality and boosting productivity.
In response to these trends, ANDPAD has expanded its language support to include Indonesian, Thai, Traditional Chinese (Taiwan), and Spanish. Initially, this multi-language support will cover the Construction Management features—the most widely used function of ANDPAD—to facilitate centralized information management and smoother communication at construction sites in both Japan and Southeast Asia.
Going forward, ANDPAD will continue to actively pursue expansion of functions in multiple languages along with development efforts to offer support for various languages. The company will proceed to promote DX in the Southeast Asian construction industry in addition to the Japanese market.
■ About Usage
Existing ANDPAD users can use these new language options version at no additional cost.
Scope of Support
ANDPAD app:
- iOS: 5.99 or higher
- Android: 5.98 or higher
Hashtag: #ANDPAD
The issuer is solely responsible for the content of this announcement.
About the ANDPAD Service
The cloud-based construction project management service with the top share of the market in Japan*, ANDPAD makes the central management of everything from enhancing onsite efficiency to improving management possible. Since provision of the service started in 2016, through associated development efforts that emphasize intuitiveness and ease of use and thorough support for implementation and utilization, the service has reached over 233,000 corporate users and 684,000 individual users.
ANDPAD was selected as a “2024 Recommended Technology” under the NETIS (New Technology Information System) by the Ministry of Land, Infrastructure, Transport and Tourism.
Details (Japanese language only): 
https://andpad.jp/
■Company Overview
Name : ANDPAD Inc.
Location : Sumitomo Fudosan Tokyo Mita Garden Tower 37F, 5-19 Mita 3 Chome, Minato-ku, Tokyo
Representative : Takeo Inada, CEO
Business Activities : Development, sales and operation of “ANDPAD” cloud-based construction project management service
Company Website (Japanese language only)：https://andpad.co.jp/
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Madame Tussauds Hong Kong Welcomes a New K-Wave Star Jung Hae In’s First-Ever Wax Figure Unveiled
A Star Moment in Detail｜Craftsmanship, Technology and Personal Touch
Showcasing Jung Hae In’s signature charm, his newly unveiled wax figure is dressed in an elegant black double-breasted Dolce & Gabbana suit with silk lapels, complemented by a white shirt and black Chelsea boots all personally selected by the actor. With both hands forming a heart at his chest and a warm, inviting smile, the figure captures the approachable and friendly essence that his fans ‘HAEINESS’ adore. Every detail, from hair colour and skin tone to the suit’s silhouette, lining, and brooch, was meticulously crafted based on precise measurements taken during a five-hour sitting, the acclaimed craftsmanship and dedication to realism for which Madame Tussauds is renowned.
From “Younger Man” to Acclaimed Actor｜A Track Record of Hit Dramas
Jung Hae In has established himself as a leading actor through critically acclaimed dramas like Something in the Rain, D.P. , and One Spring Night. With his gentle and heartfelt performances, he has earned the title of “National Boyfriend” and built a dedicated fanbase known as “HAEINESS.” Following the success of tvN’s Love Next Door and the film I, THE EXECUTIONER, he accepted Madame Tussauds Hong Kong’s invitation to be immortalised in wax.
Reflecting on the sitting process, Jung Hae In described it as an honour, expressing pride in leaving his likeness at a renowned landmark. He shared “Participating closely in the creation, discussing outfit choices and pose decisions with the team, was both exciting and overwhelming. Witnessing each intricate step come together into a single work of art was truly moving.
Before announcing the new lineup, Wade Chang, General Manager of Merlin Entertainments Hong Kong, expressed his heartfelt condolences regarding the recent tragedy in Hong Kong, saying, “Madame Tussauds Hong Kong would like to extend our deepest sympathies to all those affected and to their families.” He then conveyed his enthusiasm, stating “Madame Tussauds Hong Kong is committed to enhancing the K-Wave experience. Jung Hae In ‘s authenticity and professionalism have truly enriched our collaboration. Given the significant role K-pop culture plays in Hong Kong, we believe his presence will provide our guests with a unique and memorable experience.
Also, Mr. Kim Yoon-ho, Director of Korea, Hong Kong Tourism Board, remarked “I am excited for the launch of Jung Hae In’s first wax figure, celebrating his remarkable success. Madame Tussauds Hong Kong has been dedicated to promoting Korean culture and is continually enhancing its Korean lineup. With the growing global influence of Korean celebrities, we are excited to attract fans and visitors from around the world through the exceptional wax figures at Madame Tussauds Hong Kong, allowing them to immerse themselves in the unique charm of Korea right here in the heart of Hong Kong.”
Your Immersive Hallyu Journey Begins ｜Limited Festive Offers Now Available
Jung Hae In’s wax figure has officially entered the hall of fame and be displayed at Madame Tussauds Hong Kong starting from today, offering fans a unique opportunity to immerse themselves in romantic K-dramas and meet the beloved actor in a new way. To mark the launch, Madame Tussauds Hong Kong is pleased to introduce an exclusive online offer from 16 to 22 December 2025, fans can enjoy a single entry for just HK$199 through the official website.
For an ultimate experience, guests can opt for the limited festive package from 23 December 2025 till 4 January 2026 at Madame Tussauds Hong Kong admission, which includes admission to Madame Tussauds Hong Kong, an exclusive guidebook a digital photo and one interactive VR Thrill Coaster – Hong Kong experience – all for just HK$285, a 20% off discount off its original price.
In this holiday season, don’t miss the opportunity to celebrate with Jung Hae In, Lee Jong Suk, Yim Si Wan, and more in the K-Wave Zone. Join us for a festive sing-along with Taylor Swift or capture a memorable AI interactive photo with Gong Jun. Step into the famous fun world of Madame Tussauds Hong Kong, where over 100 lifelike wax figures await you. Plan your visit to The Peak now and create unforgettable holiday memories.
Hashtag: #MadameTussauds
The issuer is solely responsible for the content of this announcement.
About Madame Tussauds
Madame Tussauds has been inviting people to walk the red carpet and get closer to the revered for over 250 years. With 17 Merlin-operated attractions in the world’s top destination cities, we are dedicated to giving millions of visitors the opportunity to mingle with the mighty from A-listers to music legends, heroes of sport, to world leaders. Today, we continue to partner with the global icons of a generation to create astonishing lifelike figures from sittings and offer exciting and interactive experiences to ensure guests have never felt closer to fame.
About Merlin Entertainments
Merlin Entertainments is a world leader in branded entertainment destinations, offering a diverse portfolio of resort theme parks, city-centre gateway attractions and LEGOLAND® Resorts which span across the UK, US, Western Europe, China and Asia Pacific. Dedicated to creating experiences that inspire joy and connection, Merlin welcomes more than 62 million guests annually to its diverse global estate in over 20 countries. An expert in bringing world-famous entertainment brands to life, Merlin works with partners including the LEGO® Group, Sony Pictures Entertainment, Peppa Pig, DreamWorks and Ferrari to create destinations where guests can immerse themselves in a wide array of brand-driven worlds, rides and uplifting learning experiences.
See www.merlinentertainments.biz for more information.
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Southeast Asian Games Thailand 2025 Esports Appoints Moonshot as Official Mobile Controller Partner
Taking place from the 9th to 20th December, the SEA Games Thailand 2025 Esports competition is expected to draw millions of viewers across the region, with widespread engagement from gaming communities across Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam. The 2025 edition will feature leading mobile eSports titles such as Mobile Legends: Bang Bang, Arena of Valour, Free Fire and FC Online, further strengthening the event’s reputation as a cornerstone of competitive gaming culture in Asia.
As the Official Controller Partner, Moonshot will also debut a special SEA Games Controller Collection, this will be a commemorative series featuring designs inspired by participating countries and co-designed with global IP partners. The limited series will be available exclusively during the competition period via Moonshot’s official website (https://shop.themoonshot.xyz/)
“We’re honoured to support SEA Games Thailand 2025 Esports and contribute to one of the most influential gaming events in Southeast Asia,” said Managing Director at Moonshot, JW Lee. “Our vision is to bring hardware, software, and digital rewards together to inspire a new generation of gamers, and SEA Games is the perfect place to begin that journey.”
Strengthening the future of Mobile Esports
Mobile gaming is the dominant force in Southeast Asia’s gaming landscape, with the region being home to hundreds of millions of mobile-first players. Moonshot’s partnership with SEA Games Esports 2025 reflects the company’s commitment to driving innovation in this fast-growing segment.
Throughout the event, Moonshot will activate a series of on-site experiences, including demo zones, creator interactions, and community gaming activities powered by the Moonshot gaming ecosystem. The partnership aims to elevate the tournament experience for both competitors and fans by merging physical gameplay with digital engagement features, collectible rewards, and interactive app-based challenges.
Hashtag: #Moonshot #SEAGames2025 #SEAGamesEsports #EsportsAsia #MobileEsports #MobileGaming
The issuer is solely responsible for the content of this announcement.
About Moonshot
Moonshot is building the world’s first phygital mobile gaming ecosystem that seamlessly integrates premium hardware, digital gameplay, and a unified rewards layer to enhance how players discover, play, and engage with mobile games, whether casually or competitively. Moonshot also collaborates with gaming studios, IP licensors, creators, and ecosystem partners to deliver co-branded campaigns, limited-edition collections, and reward-driven engagement experiences. Learn more at 
www.themoonshot.xyz
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