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Is joining a PRC enterprise the right move for you?
When I first joined PageGroup seven years ago, a core focus of our business was aimed at multinationals or Hong Kong clients. As the market evolves, Hong Kong is becoming the springboard for “going international” by many Chinese enterprises and finding jobs in these PRC corporations seems to be attractive for many local candidates now.
Over the years, many PRC clients have consecutively set up their holding or representative offices in Hong Kong, which has helped contribute to over 70,000 job opportunities locally. According to a recent data from the Hong Kong Chinese Enterprises Association, Hong Kong currently hosts nearly 4,000 Chinese-funded enterprises of which over 1,000 of them are listed versus only 71 back in 1997.
When looking at joining at Chinese company, there are a few things you can expect to find:
- Chinese writing and speaking environment versus English writing in multinational corporations (MNCs) and Hong Kong-based firms.
- A WeChat culture, as all communications go through WeChat, from official corporate announcements to giving out red packets to employees.
- Use of the proper salutation. Get use to addressing someone based on their internal grading, calling someone who is more senior than you “last name + zong” is most appropriate.
- A different benefits and salary structure than what’s offered from MNCs and Hong Kong firms. Offering a high-level executive 7 to 10 days of annual leave and 50% of the annual take-home going to an annual bonus is not rare.
These differences are the more obvious ones, but there are many advantages to joining Chinese firms and the Hong Kong market seems to have favoured them in winning the talent war. These advantages include:
Surging corporate finance opportunities
Hong Kong possesses a very mature and advanced fund-raising platform with international experience in IPO and bank financing. A lot of private enterprises, regardless of their size, continue to choose Hong Kong as the place for growing their overseas business.
Job stability and future prospects
Chinese enterprises, particularly SOEs, have very strong financial support from the motherland and most of them are still in expansion mode. Cost saving or job cutting are rarely heard within these organisations.
Extra festival benefits
Despite standard benefits like annual leave being less attractive at times, Chinese enterprises tend to offer a lot more other benefits such as lunch and transportation allowances, punctuality bonus, and red packets in all sorts of Chinese festivals.
Prime work location
Chinese enterprises value the “façade” of their office and 80% are located in prime locations despite rocket high rental costs.
Whilst the Hong Kong job market has been historically backed by MNCs and HK conglomerates, it’s positive to see Hong Kong talents having the agility and flexibility to transit into different corporations gaining new and varied exposure.
Interested in reading more about the Hong Kong market and how it has evolved over the last five years? Watch this video now.