2026 ESG reporting survey of Hong Kong-listed companies

October 2026

A decade of dedicated research, an enduring pursuit of insight

Sustainability is a company’s way of “breathing” and “rejuvenating” itself. Through continuous exchange with its surroundings, a company senses changes in the environment and society while demonstrating how it responds and evolves. An Environmental, Social and Governance (ESG) report offers a visible account of that process. It brings the company’s ESG actions and progress into view through tangible practices, measurable indicators and traceable records over time. In doing so, the company’s vitality is made visible to the outside world, and the report becomes a clear and candid conversation with stakeholders. Because ESG reports play such an important role in that conversation, the quality of their disclosures matters. Information should be presented clearly and objectively; the information itself should be truthful, accurate and complete. Together, these qualities give stakeholders a sound basis for judgement.

Since the introduction of the Environmental, Social and Governance Reporting Guide in 2013, Hong Kong Exchanges and Clearing Limited (HKEX) has continued to refine its requirements. In 2024, the Guide was revised and renamed as the Environmental, Social and Governance Reporting Code (the “ESG Code”). The revised Code introduced climate-related disclosure requirements based on the climate standard of the International Sustainability Standards Board (ISSB) and took effect on 1 January 2025, setting a clearer and more demanding benchmark for ESG disclosures by Hong Kong-listed companies. Against this regulatory backdrop, PwC selected a sample of Hong Kong-listed companies that had published ESG reports for the 2025 financial year, drawing from the 12 primary sectors of the Hang Seng Industry Classification System, and conducted an in-depth study of their ESG disclosures.

This year marks PwC’s tenth consecutive year of studying the ESG reports of Hong Kong-listed companies. Those ten years represent both a period of observation and an enduring professional commitment. From our first report to this one, we have drawn on consistent and systematic data accumulation to fully record the evolutionary path of ESG disclosure among Hong Kong-listed companies, from its early stages to maturity, and have witnessed how regulatory requirements and market practice have shaped each other. The value of this persistence goes beyond merely recording change. Over the long term, it provides the industry with a basis for comparison, a record that can be traced over time and practical points of reference, helping listed companies navigate the complex and evolving landscape of standards with greater clarity and a stronger sense of where they stand. We hope that continued comparison and analysis of data across the years will help listed companies understand regulatory developments and reporting trends, improve disclosure quality, respond more effectively to regulators and stakeholders through improved ESG information, and solidify the foundations for long-term sustainable development.