Results of monthly survey on business situation of small and medium-sized enterprises for November 2025
The Census and Statistics Department (C&SD) released today (December 9) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for November 2025.
The current diffusion index (DI) on business receipts amongst SMEs decreased from 44.8 in October 2025 in the contractionary zone to 44.5 in November 2025, whereas the one-month's ahead (i.e. December 2025) outlook DI on business receipts was 47.5. Analysed by sector, the current DIs on business receipts for some surveyed sectors dropped in November 2025 as compared with previous month, particularly for the logistics (from 43.3 to 42.2) and import and export trades (from 45.7 to 44.7).
The current DI on new orders for the import and export trades decreased from 47.1 in October 2025 to 46.0 in November 2025, whereas the outlook DI on new orders in one month's time (i.e. December 2025) was 47.4.
Commentary
A Government spokesman said that business sentiment among SMEs was broadly stable in November after having shown some visible improvement over the past several months. While the current diffusion index on business receipts eased slightly from the high in the preceding month, the index on outlook in one month's time stayed at an elevated level. Meanwhile, the overall employment situation improved slightly from the preceding month.
Looking ahead, further solid growth of the Hong Kong economy will support local business sentiment. Nevertheless, as the uncertainties in the external environment persist, the Government will monitor the situation closely.
Further information
The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to companies with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent companies in Hong Kong, users may refer to the publication entitled "Report on Quarterly Business Tendency Survey" released by the C&SD.
The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own companies rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents' perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
More detailed statistics are given in the "Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises". Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).
Photo source: the official website of C&SD
Report on "Beyond Wealth: Advancing Hong Kong's Family Office Ecosystem Through Philanthropy, Impact Investing, and Risk Management"
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (March 10) released a new Applied Research report, titled "Beyond Wealth: Advancing Hong Kong's Family Office Ecosystem Through Philanthropy, Impact Investing, and Risk Management".
Based on a survey and interviews with industry stakeholders (Note), this report explores the development trends of the family office (FO) sector in Hong Kong. The report points out that the Hong Kong FO sector exhibits strong growth momentum. In addition to traditional wealth management, the increasing demand for philanthropy, impact investing, and risk management strategies has become the main growth area for the future.
Hong Kong's appeal as a premier FO destination is increasingly evident, with 91 per cent of survey respondents already invested in the city, citing its favourable regulatory framework, free flow of capital, deep capital markets, and competitive tax regime. The report also shows that FOs are planning to deepen their involvement in philanthropy and impact investing over the next few years. Philanthropic participation is projected to increase from 45per cent to 64 per cent, and impact investing from 30per cent to 43per cent - levels that align with global trends. Meanwhile, FOs' demand for risk management products and services is expected to continue to increase.
Hong Kong is well positioned to benefit from this growing interest, with its unique combination of financial expertise, international connectivity, and established charitable infrastructure.
Building on these findings, the report outlines considerations to further enhance Hong Kong's FO ecosystem, including leveraging the cross-industry support network within the Guangdong-Hong Kong-Macao Greater Bay Area, advancing the development of Private Social Investments to enable FOs to achieve sustainable financial returns alongside meaningful environmental and social impact, and promoting talent developments.
The Chief Executive Officer of the AoF and the Executive Director of the HKIMR, Mr Enoch Fung,said, "As Hong Kong solidifies its position as a leading hub for family offices in Asia, this report aims to offer valuable insights for industry participants to cultivate a thriving and sustainable FO ecosystem and to facilitate long-term growth in the financial services sector."
The report is available on the AoF/HKIMR website.
About the AoF
The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. By bringing together the strengths of the industry, the regulatory community, professional bodies and the academia, it aims to serve as (i) a centre of excellence for developing financial leadership; and (ii) a repository of knowledge in monetary and financial research, including applied research.
About the HKIMR
The HKIMR is the research arm of the AoF. Its main remit is to conduct research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. The Applied Research studies undertaken by the HKIMR are on topics that are highly relevant to the financial industry and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong's financial industry.
Note: Conducted through surveys and interviews, the report collates and analyses the views of key industry stakeholders - including current and prospective family office principals, financial institutions, industry associations, market practitioners, and academic researchers - to understand their perspectives on the current operations, future directions, and talent requirements of family offices.
Source: AI-found images
