Hong Kong aims to scale its tech ecosystem and nurture more unicorns: HKSTP CEO

Hong Kong is intensifying efforts to attract technology start-ups and nurture unicorns through expanded financial support via a key government-backed platform, leveraging the city’s booming fundraising activities and world-class financial infrastructure.

Investors are displaying an increased appetite for the local tech scene compared with a decade ago – a trend that Terry Wong Ping-sau, CEO of the Hong Kong Science and Technology Parks Corporation (HKSTP), said was a positive sign for the city’s broader innovation and technology (I&T) ecosystem.

“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.

“As an ecosystem hub, we can provide them with insights on I&T developments and introduce various investment opportunities.”

Compared with Hong Kong’s fundraising prowess – the city helped firms raise about HK$285.8 billion (US$36.4 billion) via new listings last year – Wong noted that there was still room to improve in early-stage financing.

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.