John Lee urges start-ups to seize opportunities through ‘golden gateway’ of Hong Kong

Hong Kong’s leader has called on scientists, leading enterprises and investment institutions from around the world to seize opportunities in the city, describing it as a “golden gateway” for overseas companies to enter the mainland Chinese market and mainland unicorn firms to expand globally.

Speaking at the first Global Unicorn Summit on Monday, Chief Executive John Lee Ka-chiu made a familiar pitch to attendees and entrepreneurs, citing the city’s unique advantages as a “superconnector and super value-adder” between mainland China and the world.

“On the journey of innovation and entrepreneurship, Hong Kong not only serves as a testing ground for technological breakthroughs, but it will also become an accelerator for the transformation of research outcomes and a new world for global expansion,” he said.

Lee highlighted Hong Kong’s strengths, including its world-leading capital market, common-law system, low-tax business environment, global trade network and pool of top-tier international professional talent.

He said these advantages made Hong Kong the premier springboard for mainland start-ups and unicorns – companies valued at more than US$1 billion – to enter international markets and build global supply chains, as well as the primary hub for top-tier overseas innovation and technology (I&T) companies to tap into the mainland market.

According to Lee, a record high of more than 11,000 mainland and overseas companies and over 5,200 start-ups were operating in Hong Kong as of last year. The city has also incubated 20 unicorns over the past decade.

Lee said the development of the Greater Bay Area would draw on Hong Kong’s high-calibre talent and research strengths, together with the robust advanced manufacturing base in mainland cities, providing a solid foundation for I&T growth.