Financial Secretary Paul Chan on Sunday welcomed social media giant RedNote's move to open up an office in Hong Kong, its first outside the mainland.

Writing on his weekly blog, Chan said the social media firm's move underscored Hong Kong's role as a strategic global and cross-border gateway.

Chan said the platform has over 300 million active users each month, making it one of the fastest-growing startups on the mainland. It also has about two million users in Hong Kong.

During his visit to Shanghai in November, Chan visited the company's headquarters saying he was impressed by the team's youthful energy and its understanding of young people's preferences.

"Their platform’s product recommendations are highly valued by users. At the time, I sincerely invited them to expand into Hong Kong, while the Office for Attracting Strategic Enterprises and InvestHK provided active support."

Chan had also officiated at the SAR office's opening ceremony on Saturday.

Separately, the finance chief reported a continued surge in tourism to Hong Kong this year, helped by an increasing number of major cultural and sporting events.

He said mainland tourists comprised roughly three-quarters of the nearly 20 million arrivals in the first five months of the year, a year-on-year increase of about 10 percent.

Overseas tourist numbers grew even more – by 18 percent.

The FS expressed confidence that tourist arrivals will continue to climb throughout the year.

Chan estimated that major events in the first half of the year alone would attract around 840,000 visitors, generating about HK$3.3 billion in tourist spending and contributing HK$1.8 billion in economic value.

Looking ahead, he confirmed plans for major events in the year's second half – including food festivals, concerts, and sports tournaments – to make Hong Kong even more attractive.
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Last updated: 2025-06-08 HKT 14:59