Chinese enterprises expanding overseas must choose a launch city, typically narrowing the options to either Hong Kong or Singapore. The article examines the strengths and subtle differences between the two hubs as they vie to be the preferred first gateway for Chinese firms.

For a Chinese enterprise venturing overseas, the first decision is often not which market to enter, but which city to launch from. And that choice increasingly narrows to Hong Kong or Singapore. Both offer deep capital markets, common law systems and Chinese-speaking talent. Both want to be the trusted first stop. But a gap has emerged – not in what the two cities offer on paper, but in how they treat the enterprises they both want. What does a “launch pad” deliver? It is where a Chinese...