Positive coverage strengthened Hong Kong’s reputation, spotlighting its international competitiveness, global expansion efforts and regulatory evolution throughout 2023; according to a new report analysing the media coverage and reputation of the financial industries in Hong Kong, Singapore and Dubai by CARMA, a media intelligence provider.
Of the three regions, Hong Kong ranked the highest for overall volume of coverage among global Tier-1 business titles. However, towards the end of the year, coverage for Dubai overtook Hong Kong, driven by COP28 being held here.
A positive perception of a market in international ‘tier-1’ media, reflects stability, transparency, and trustworthiness. The reputation of financial markets can be hugely influential, as Charles Cheung, general manager of Hong Kong at CARMA, explains: “Reputation directly impacts investor confidence, business attractiveness, and global competitiveness.
“A strong reputation can mitigate risks during economic downturns or geopolitical uncertainties by instilling trust and credibility among stakeholders.”
While Hong Kong was reported on the most, it also received the most negative press, with a lot of coverage focused on themes such as Chinese influence, geopolitical tensions, political and social unrest, and concerns over data security.
An analysis of the top themes for each market reveals that IPOs and capital markets (Hong Kong), cross-border Investments and transactions (Singapore), and real estate markets (Dubai) captured the most media attention. Around 20 per cent of Hong Kong’s overall coverage reflected IPO activity, efforts to boost growth, restore its global status, and attract strategic investments, reflecting proactive measures to maintain its appeal to international businesses and investors.
Dubai takes the ESG crown for now
Divika Jethmal, head of marketing in Asia at CARMA, explained how the report “The trajectory of a financial hub is shaped by broader geopolitical and economic forces. Media analysis serves as a vital tool in identifying both challenges and opportunities, pivotal to a city’s reputation as a financial hub.”
Despite having low sustainable financing news nearly all year round, a strategic push in Q4, driven by UAE
financial institutions committing to mobilise AED one trillion in sustainable finance by 2030, saw Dubai emerge as a hub for ESG investing.
Overall, sustainable finance and ESG investments coverage was relatively limited, suggesting a wariness of ‘greenwashing’ when reporting on sustainability. CARMA explained that this poses an opportunity for markets to actively create global conversations that align with their objectives, in a way that genuinely resonates with audiences.
