This study examines the relation between corporate governance and firm performance during the Financial Crisis 2007 - 2008. The Hang Seng Index (HSI) Stock is the subject of this case study. The financial crisis began from the United States and then spread to the whole world very quickly. After the financial crisis exposed, the financial institutions in the United States were blamed as the arch-criminal and the society has been concerned the practice of the corporate governance of the financial institutions. Being an international financial center, the stock market in Hong Kong also suffered a shock in this financial crisis. The purpose of this thesis is to examine if good corporate governance practices can help the HSI firms to reduce loss during the Crisis in 2007 - 2008. To evaluate the firm performance more comprehensively, accounting performance and market performance will be analyzed as the dependent variables in the multiple regression analysis. It is found that firms with more independent non-executive directors had better change in market performance during the financial crisis. On the contrary, it is found that the independent non-executive directors were not related to the change in accounting performance in this study. Moreover, the quality of audit committee meeting and same person being the CEO and chairman were not related to the change in firm performance during the crisis. The findings can provide supporting evidence for the government, firms and investors how corporate governance practice can help the survival of firm before the next financial crisis comes.