MORE small to medium Hong Kong companies will suffer from the lower tax rebate offered by the Chinese Government, according to trade statistics released by the Government. In the second quarter of 1995, 49 per cent of Hong Kong's exports to China, or $104.4 billion, were for outward processing - an increase of 30 per cent over that in the year-ago period, according to the Census and Statistics Department. The value of re-exports to China for outward processing grew by 38 per cent to $83.9 billion. Comparing the 38 per cent growth with the 13 per cent in 1994, Hong Kong General Chamber of Commerce research executive Michael Ho, said it indicated that more companies would suffer from the new tax policy. He said the tax rebate reduction would hit Hong Kong-funded manufacturers operating in China. They would get even less money back from the Chinese authorities than promised. Mr Ho said the chamber would organise trips to Beijing from November 19 to 21 and Guangdong from November 27 to 28 to tell the authorities about the impact of their actions on the manufacturers. The value of domestic exports to China for outward processing rose by 4 per cent to $20.5 billion. Seventy-three per cent of Hong Kong's imports from China were for outward processing. In value terms, $57 billion of Hong Kong's exports to China in the 1995 second quarter were for outward processing, an increase of 25 per cent over that in the year-ago period.