Market launch helps Hong Kong startup boost

Market launch helps Hong Kong startup boost

The startup scene in Hong Kong has recently been overshadowed by developments in China. While there are more than 100 unicorns in China – a startup worth over $ 1 billion – Hong Kong has just seven.

According to WHub, the largest startup community developer in Hong Kong, the seven are the world's most valuable artificial intelligence company, Sensetime. On-demand transport company GoGoVan and crypto-coin trading platform BitMEX.

There are currently around 3,000 startups on the island. The number of co-working spaces has risen from less than ten to five years to more than 70 today, said Peter Mok, Head of Incubation Programs at the Hong Kong Science and Technology Park (HKSTP).

HKSTP's mission is to develop the startup ecosystem. At the end of last month, HKSTP has seen its biggest upturn so far: a $ 10 billion ($ 1.28 billion) package to accelerate the Hong Kong technology sector with a particular focus on startups.

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