Hong Kong intensifies push to attract tech startups and create unicorns

Hong Kong is ramping up efforts to attract technology start-ups and cultivate unicorns through expanded financial support via a key government-backed platform, capitalising on the city's booming fundraising activities and world-class financial infrastructure.

The push comes as investors show a markedly increased appetite for the local tech scene compared with a decade ago, according to Terry Wong Ping-sau, CEO of the Hong Kong Science and Technology Parks Corporation (HKSTP). Wong described the shift as a positive sign for the city's broader innovation and technology (I&T) ecosystem.

Growing enthusiasm from traditional capital

"Traditional enterprises and family offices, in particular, are showing huge enthusiasm, driven by the transformation needs of the next generation taking over Hong Kong family businesses that traditionally ran conventional operations," Wong told the South China Morning Post. "Many actively reach out to us," he added.

The innovation and technology hub is attracting global capital while supporting and fostering bigger and more mature investment deals. Wong explained that HKSTP's role as an ecosystem hub enables the corporation to provide insights on I&T developments and introduce various investment opportunities to interested parties.

The HKSTP was established in 2001 as a statutory body to bolster the I&T ecosystem by connecting stakeholders, nurturing talent and providing facilities for research and development. The corporation's efforts now focus on scaling the territory's tech ecosystem to produce more high-value companies.

Source: South China Morning Post