HSBC Holdings Plc and other Hong Kong banks reported a surge in new accounts from mainland Chinese in the first quarter, with over 130,000 new customers at HSBC and 200,000 at Bank of China (Hong Kong). This influx, up 342% for Hang Seng Bank, is largely driven by Chinese seeking better investment opportunities and higher interest rates in Hong Kong amid strict mainland market controls and falling real estate values. Mainland Chinese are diversifying into Hong Kong’s financial services, such as insurance and equities, amid ongoing political and economic recovery challenges in the region. This trend is highlighted by increased sales in insurance and a significant rise in fund inflows, marking a robust quarter for Hong Kong’s status as a financial hub.