XN000022-1993-01-14 — Page 7

THURSDAY, JANUARY 14, 1993

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BUSINESS ACTIVITY UP IN 1992

* * *

COMPANIES REGISTRY FIGURES SHOWED BIG INCREASES OF ACTIVITY MOST AREAS FOR THE CALENDAR YEAR 1992 AS COMPARED WITH 1991.

THE TOTAL NUMBER OF COMPANIES COMPANIES ORDINANCE HAD INCREASED BY 18 358,129.

IN

NOW REGISTERED UNDER THE PER CENT, FROM 304,538 то

THE NUMBER OF NEW COMPANIES REGISTERED DURING THE YEAR HAD INCREASED BY 32 PER CENT, FROM 43,975 TO 58,110.

THE FIGURES WERE RELEASED TODAY (THURSDAY) BY THE GENERAL, MR NOEL GLEESON.

COMMENTING ON THE FIGURES, MR GLEESON SAID THEY INCREASED COMMERCIAL ACTIVITY LOCALLY AND INCREASED INTEREST KONG BY OVERSEAS INVESTORS.

REGISTRAR

REFLECTED IN HONG

THE TOTAL NUMBER OF OVERSEAS COMPANIES WHICH HAD AN ESTABLISHED PLACE OF BUSINESS IN HONG KONG UNDER PART XI OF THE COMPANIES ORDINANCE AT THE END OF THE YEAR INCREASED BY 13 PER CENT, FROM 2,828 TO 3,193.

A PLACE OF INCREASE

THE NUMBER OF NEW OVERSEAS COMPANIES ESTABLISHING BUSINESS IN HONG KONG UNDER PART XI DURING 1992 WAS 550, AN OF 37 PER CENT OVER THE NUMBER OF SUCH COMPANIES IN 1991.

EXISTING COMPANIES INCREASED THEIR NOMINAL CAPITAL BY $45,574 MILLION, AN INCREASE OF 59 PER CENT OVER THE INCREASE OF $28,599 MILLION IN 1991, WHILE THE NOMINAL CAPITAL OF NEW COMPANIES INCORPORATED DURING THE YEAR INCREASED BY 27 PER CENT FROM $4,097 MILLION TO $5,208 MILLION.

THE TOTAL AMOUNT SECURED BY CHARGES REGISTERED ON THE ASSETS OF COMPANIES DECREASED BY 22 PER CENT FROM $108,285 MILLION TO $83,940 MILLION WHILE THE AMOUNT REPAID ON CHARGES, AS EVIDENCED BY CERTIFICATES OF SATISFACTION, DECREASED BY 4 PER CENT FROM $9,998 MILLION TO $9,621 MILLION.

DURING THE YEAR A TOTAL OF 192 PROSPECTUSES OF PUBLIC COMPANIES, INCLUDING 66 IN RESPECT OF MUTUAL FUNDS, WERE APPROVED COMPARED WITH 177 PROSPECTUSES, INCLUDING 79 IN RESPECT OF MUTUAL FUNDS, DURING THE PREVIOUS YEAR.

THE TOTAL NUMBER OF DOCUMENTS RECEIVED FOR FILING DURING THE YEAR INCREASED BY 27 PER CENT FROM 967,152 TO 1,229,185.

THE FIGURES FOR 1992 INDICATED THAT IN THE SECOND HALF OF LAST YEAR 31,638 COMPANIES WERE REGISTERED COMPARED WITH 26,472 IN THE FIRST SIX MONTHS.

REGISTRAR OF COMPANIES

LAST YEAR THE TOTAL NUMBER OF PROSECUTIONS TAKEN BY THE AGAINST COMPANIES AND THEIR DIRECTORS FOR BREACHES OF THE COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ANNUAL RETURNS WITH ACCOUNTS, WAS 117.

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