Hong Kong is a free port with its own customs territory, and that single fact explains most of why it is used. Goods arrive with less friction than almost anywhere else in the region, and a consignment that is really destined for Shenzhen or the wider Pearl River delta can sometimes reach it faster through Hong Kong and across the land border than by flying into the mainland directly.
It is also where the high-value trade sits. Watches, jewellery, loose stones, movements, art and auction property all move through Hong Kong, and they are precisely the categories where a customer wants one named person holding the box rather than a network of handovers.
And it remains a documentary centre. Banking originals, legal instruments, corporate resolutions and tender packages for the whole region are executed and exchanged here, and the counterparties still ask for the physical original with the wet signature and the seal.


