New companies, both local and overseas, increased by 2,215 to 40,088 in Hong Kong during the first half of 2006 compared with the same period last year, according to Hong Kong Companies Registry.

The first half saw the new local companies increase by 5.88 percent to 39,807 from 37,598 while the new overseas companies were up 2.18 percent to 281 from 275, according to a government press release.

The total number of companies registered as of June 30 was 567, 186, up 17,954 from the end of 2005. Of these, the overseas companies increased by 60 to 7,548.

The first half also saw the received charges on the companies' assets fall by 22 percent, to 13,841 from 17,746 in the same period last year. The number of satisfactions and releases received fell 17.32 percent to 10,209 in the first half of 2006.

In January to June, 124 prospectuses, including 46 mutual funds, were registered, compared with 135 prospectuses, including 50 mutual funds, in the same period of 2005.

There were 1,115 convictions obtained in the first half of 2006, up from 581 convictions a year earlier. Of these, 753 cases have yet to be heard by the court, up from 487 cases a year ago.

The fines imposed for convictions in the first half of 2006 were 7.16 million HK dollars (917,948 U.S. dollars), significantly higher than the 4.74 million HK dollars (607,692 U.S. dollars) imposed in the same period last year.

Source: Xinhua