粤港澳大湾区中小企业报告-Greater Bay Area SME Report：A Story of Resilience and Opportunity -贝恩公司 恒生银行

entingZhaongYoucancontacthimatfrankie.leung@.Youcancontacthimatherbert.lee@.practiceinShanghai.Youcancontactheratwenting.zhao@.withindustryparticipantsAnyviewsandopinionsexpressedarethoseofBainasofthedateofwritingandaresubject tochange.ojectedmarketandfinancialinformationdshouldnotbeoftheseceptanyresponsibilityorliabilitywithrestablesandtextcontentsofthisreporttualpropertyrightsofeachjurisdictionandmaywholeorinpartwithouttheexplicitwrittenpermissionofBainerved1nceionsGreaterBayAreahasastrongplatformforgrowthivethKorea.ndSmallandmediumenterprises(SMEs)areamajordrivingforceofeconomicactivityintheGBA.NinemainlandcitieswithintheGBAarehometoaround2.5millionmicroenterprises,270,000small-sizedenterprises,and27,000medium-sizedenterprises.SMEsinGuangdongProvinceconcentrationoflargecorporationsintheGBAthatbenefitfromasizeableecosystemofSMEsaspartners,suppliers,andmanufacturers.Largecorporations,inccesstonewcustomerspartners,andsuppliers.2~1.7~1.6~1.5~1.3~1.3.2~1.1~1.0~0.9~1.7~1.6~1.5~1.3~1.3.2~1.1~1.0~0.9onGDPoftheGreaterBayArea(USDT)0Population(M)GDPpercapita(USDK)~1.9~1.7~1.70112012201320142015201620172018020191202020211AGR4%Note:Exchangerate1USD=6.9RMB,1USD=7.85HKD,1USD=8.13MOPSources:BureauofStatisticsofrespectivecitieswithinGBA;Euromonitoralresourcesmpaniesininindustriessuchasbusinesslogistics,informationservices,andfinance.InNansha,theStateldingsses3Significantlyfaster–9%Faster16%Similar28%Slower34%Significantlyslower14%23%5%0%NoSignificantlyfaster–9%Faster16%Similar28%Slower34%Significantlyslower14%23%5%0%Nogrowth/shrinkage<1%ndplantoinvestintheregionreShort-termexpectation:changesofSMEs’expectationson2021–2025growthoftheGBA’soveralleconomy%0%229%0%4%4%Mainland48%Mainland48%PercentagePercentageexpectingslowergrowthnlandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurveyn462)Long-termexpectation:SMEs’expectationsontheGBA'soveralleconomy,2025–2035 Verystronggrowth–4%StrongStronggrowth29%Stablegrowth(similartohistoric)38%Slowgrowth29%HongKongHongKong4Veryoptimistic24%Optimistic43%Neutral30% Notoptimistic3%1%1%3%Veryoptimistic24%Optimistic43%Neutral30% Notoptimistic3%1%1%3%OptimismonpotentialforgovernmentinitiativestopromoteinterconnectednessbetweenGBAregions1%41%24%4%MainlandHongMainlandViewsontheimplementationspeedofgovernmentinitiativestopromoteinterconnectednessbetweentheregionsWishWishitweresignificantlyfaster24%Wishitwerefaster53%Happywithcurrentspeed22%Wishitwereslower1%HongKongHongKongnlandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurveyn462)outofmainlandSMEsuesutionsinbothmainlandChinaandHongKongtailoredcrossboundaryfinancialproducts,andconvenientdeliverymodels.5meExpectedlevelofinvestmentnextyearaspercentageofannualrevenueInvestInvest>25%ofrevenue25%0%–5%Mainland~80%ofmainlandSMEsexpecttoinvestmorethan15%oftheirrevenueinthenextyearInvestInvest>25%ofrevenue25% 0%–5%HongKong~60%ofHongKongSMEsexpecttoinvestmorethan15%oftheirrevenueinthenextyearNote:MainlandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurvey2022(n=462)SME’sdomesticfinancialneedscanbebetterservedthroughinnovationansohighTraditionalcreditassessmentsrequireSMEstoprovidefinancialstatementsormanagementanddocumentsarenot6ThereisalsopotentialforfinancialinstitutionsthatfindalternativewaystoconductcreditintheGBA,thereispotentialtousealternativedata,suchasinventorylevelsoronlinecustomersinancingDomesticwealthmanagementHoweverwithlowonsfromn7gaPercentageofmainlandSMEsthathaveusedforeigninstitutionsfordomesticwealthmanagementPercentageofmainlandSMEsthatciteitemsbelowintheirtopthreereasonsfornotusingaforeignproviderforwealthmanagement68%68%havenotusedaforeigninstitutionfordomesticwealthmanagement32%haveusedaforeigninstitutionfordomesticwealthmanagement(aspartialorprimaryprovider)PercentageofrespondentswhohaveusedforeigninstitutionsinmainlandfordomesticwealthmanagementHighpurchasethresholdforproductsStrongexistingrelationshipwithmainlandprovidersNottransparentonexpectedreturns,fees,andriskNottrustworthybrandMoreinconvenienttotradeandmaintainproductsHigherfeesforproductsNoexperienceworkingwithforeigninstitutions41%9%4%29%27%27%24%01020304050%NotesMainlandrepresentsnineGBAcitiesinGuangdongProvinceforeigninstitutionisdefinedasaninstitutionwhereforeignownersholdmorethan50%theinstitutionsshareSourceBainGBASMESurveyn462)riorserviceeIncontrast,thetopmainland-basedfinancialinstitutionsalreadyhaveastrongfootholdandDomesticchannelpreferenceschannel(seeFigure6).84000400040004000PreferredchannelforpurchasingdomesticfinancialproductsPercentageofrespondentsselectingastheirtopchannelCallCallcenter6%In-personphysicallocations39%Digital54%inlandnlandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurveyn462)PercentageofrespondentsselectingastheirtopchannelInIn-personphysicallocations36%Digital63%Callcenter%HongKong9NointerestinHongKong17%NointerestinHongKong17%ialproductsisSMEsxpansionforSMEsionseaseexpansionplansaseLikelihoodofSMEstosetuporfurtherexpandbusinessacrossboundarieswithinGBAHighlyHighlylikely15%Likely35%NeutralNeutral31% Unlikely3%MainlandSMEsexpandingsouthboundtoHongKong50%ofmainlandSMEslikelyorhighlylikelytoexpandtoMacauHighlyHighlylikely19%Likely56%Neutral14%NointerestinMainland12%HongKongSMEsexpandingnorthboundtomainland75%ofHongKongSMEslikelyorhighlylikelytoexpandtomainlandNote:MainlandrepresentsnineGBAcitiesinGuangdongProvinceSource:BainGBASMESurvey2022(n=462)45%45%Non-ownersbuthaveinteresttobuyinnextthreeyears21%Ownersofproducts25%23%21%45%45%Non-ownersbuthaveinteresttobuyinnextthreeyears21%Ownersofproducts25%23%21%%%25%%25%22%Demandforcross-boundaryfinancialproductsdiversifyrisk.marketsrPercentageofmainlandSMEswhoownorareinterestedin…HongKongwealthmanagementHongKongwealthmanagementHongKonginsurance48%27%27%20%202020222020202220202022Note:NumbersmaynotaddupduetoroundingSources:BainGBASurvey2020(n=710);BainGBASurvey2022(n=543)%%Non-ownersbuthaveinteresttobuyinnextthreeyears18%Ownersof%%Non-ownersbuthaveinteresttobuyinnextthreeyears18%Ownersofproducts19%24%PercentageofHongKongSMEswhoownorareinterestedin…MainlandwealthmanagementMainlandinsuranceMainlandloans39%39%36%29%29%%%202020222020202220202022Note:NumbersmaynotaddupduetoroundingSources:BainGBASurvey2020(n=710);BainGBASurvey2022(n=543)Cross-boundaryinsuranceseInstead,mainlandSMEshavetorelyonproviders’websites,whereproductinformationistoosentryprocurementesReasonsmainlandSMEsarenotinterestedinHongKonginsuranceDonothaveunderstandingaboutHKinsurance InconvenienttobuyinsurancewithHKprovidersableDifficulttotransfermoneytoHK Inconvenienttomanage insurancewithHKproviders Poorcustomerexperience ofusingmainlandinsurance NodifferencebetweenHKandmainlandinsurancepolicy Doesnotmeetcompany’sneedsDonothaveinsuranceneedsinHK46%citedinconvenienceofbuyingormanagingasa0204060%PercentageofrespondentswhoselecteditemasoneofthereasonsandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurveyn462)ReasonsHongKongSMEsarenotinterestedinmainlandinsurancenttobuyinsurancewithmainlandprovidersableDonothaveunderstandingaboutmainlandinsuranceDifficulttotransfermoneytomainland Inconvenienttomanageinsurancewithmainlandproviders Poorcustomerexperience ofusingmainlandinsurance NodifferencebetweenHK andmainlandinsurancepolicyDoesnotmeetcompany’sneedseinsurancemainland5%65%citedinconvenienceofbuyingormanagingas0204060%PercentageofrespondentswhoselecteditemasoneofthereasonsDigitizationofcross-boundaryfinancialservicesofullysupportmultiplechannelsandtightlyinterconnectDigital46%4000Digital46%4000Preferredchannelforpurchasingcross-boundaryfinancialproductsPercentageofrespondentsselectingastheirtopchannelCross-boundaryphysicallocations29%60Homecityphysicallocations25%4000inlandnlandrepresentsnineGBAcitiesinGuangdongProvinceSourceBainGBASMESurveyn462)PercentageofrespondentsselectingastheirtopchannelCrossCross-boundaryphysicallocations10%Homecityphysicallocations41%Digital49%HongKongtheOpportunitiesforfinancialinstitutionstoexpandintheGBAosCross-boundaryplanscanbenichebydesign,orfinancialinstitutionscanenterintofull-scaleDefinehowtheGBAfitsintoyourportfolioWouldyoufocusoncross-boundaryservicesor“DefinehowtheGBAfitsintoyourportfolioWouldyoufocusoncross-boundaryservicesor“localize”andservedomesticneeds?Forexample,internationalbanksmayinitiallyusetheGBAtobuildfinancialconnectivitybetweenChinaandtherestoftheworld.Butinthelongterm,theymightdevelopacompletepropositiontoservedomesticneeds.Whatarekeysuccessfactorstowin?Forexample,howcanfinancialinstitutionsbestservetechnologySMEs?