HSBC Holdings PLC attracted more than 130,000 new bank customers in Hong Kong in the first quarter.

Bank of China (Hong Kong) gained 200,000 new cross-border clients in 2023, while at Hang Seng Bank, new account openings for non-residents jumped 342% last year.

Mainland Chinese flocking to Hong Kong are largely driving the surge, offering a welcome bright spot for the city that’s struggling to recover after the COVID-19 pandemic and years of political upheaval.