139 local firms close in Q3

Company closures totaled 139 in the third quarter, a 19% decrease when compared to last quarter.

The value of registered capital of these companies amounted to MOP333 million.

The business sector has faced renewed headwinds under the recent Covid-19 pandemic outbreak that led to the city’s partial lockdown in July.

Data from the Statistics and Census Service (DSEC) indicated 972 new companies were incorporated in the third quarter of this year, from which revenues surged by 139.8% year-on-year to MOP887 million.

However, the figure was a decrease of 422 companies year-on-year.

The number of new companies operating in wholesale and retail trade (434) and business services (243) fell by 67 and 132 respectively.

In terms of origin of capital, mainland China contributed MOP797 million (89.9% of the total) to the capital of newly incorporated companies; capital from the mainland cities in the Greater Bay Area totaled MOP127 million, of which Zhuhai accounted for 93.3%.

Capital from Macau and Hong Kong stood at MOP55 million and MOP7 million respectively.

Earlier this year, 261 small and medium enterprises (SMEs) which benefited from government support measures closed their doors due to bankruptcy, according to data from the Economic and Technological Development Bureau (DSEDT). The bureau noted 80 of these shutdowns were recorded in just the first three months of this year.