Hong Kong, once renowned as a preferred location for Asian regional headquarters (RHQ), has witnessed a wave of relocations away from the city amidst its changing political landscape and other upheavals. This paper investigates the dynamics surrounding RHQ relocations from Hong Kong, aiming to identify the primary factors driving the relocations. Employing a mixed methodology combining quantitative and qualitative data analysis, the study examines the 10-year timeframe of 2015-2024, utilizing government-published data, and a collection of 72 media articles. Our analysis shows that the relocations are influenced by different push, pull, and catalyzing factors. We focus on the catalyzing effects of political problems and firms’ mimicking behavior, which intensify the impact of the push and pull factors on relocation decisions. Our research contributes to understanding the geopolitically driven mobility of RHQ within a dynamic business environment.
