Hong Kong’s tech sector calls for more financial support for start-ups, as city pushes to be global tech hub

“For mainland companies like Tencent or Alibaba, they have their own development centre in mainland China,” he added. 

“Hong Kong is more like their investment hub. Companies want to base their top management here, where they can draw up IT strategies with their China counterparts, in terms of what they want to see in their region.”

But Mr Kwan cautioned that in the long term, multinational corporations could re-assess if Hong Kong is a viable place to continue parking their regional headquarters, as part of a de-risking strategy that companies have employed in the past decade. 

“Corporations have started placing their tech people across the region,” he noted. “They don’t want to put everyone in the same city. Usually, it will be a mix of Hong Kong and Singapore. And it will be combined with another location, such as Tokyo, China, Kuala Lumpur or Manila.”

BOLSTERING HONG KONG’S TECH AMBITIONS

Industry players believe tapping on the Greater Bay Area’s (GBA) resources can bolster Hong Kong’s own tech ambitions.

“One of the advantages is that we have a big market, in terms of the source of talent, and also the market for business solutions, tech solutions and applications,” said Mr Simon Chan, chairman of hi-tech park Cyberport. 

Recruitment trends show that mainland professionals, for instance, account for 95 per cent of applicants under Hong Kong’s Top Talent Pass Scheme. 

Western expatriates, on the other hand, have been slower to return.