From start-ups to big guns: can more Hong Kong entrepreneurs make it big in mainland China?

One stumbling block is the issue of identity. Many young Hongkongers cringe at any sort of ties to mainlanders, but for savvy entrepreneurs who have crossed the border, gunning for their pot of gold has included playing down their connection to the city

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Young Hongkonger Met Li, co-founder of ZhenRobotics, has big plans for his delivery robots. Photo: Simon Song

Published: 9:02am, 24 Jan 2018Updated: 3:26pm, 24 Jan 2018

As the wealthy mainland investor was about to speak, aspiring Hong Kong entrepreneur Vincent Wong had the sinking feeling that his hopes of securing a cash injection for his start-up had been dashed.

This scene took place in Beijing two years ago when Wong, then aged 30, was anxiously trying to raise funds for his no-frills quick haircut business, Xingkeduo.

“We sat down and the first question he asked was, did I think Hong Kong entrepreneurs could succeed on the mainland? I just knew that the meeting was over,” Wong recalled with a laugh.

Meanwhile, things have looked up for Wong, who now boasts 90 salons across the country delivering more than 100,000 haircuts a month.

Xingkeduo is a successful no-frills haircutting salon that Hong Kong entrepreneur Vincent Wong runs on the mainland. Photo: Handout

But Wong’s story highlights the obstacles facing Hongkongers who want to leave their comfort zone and step outside the nine-to-five work culture to be their own boss.

In 2009, only 7.3 per cent of about 2,000 adults surveyed in Hong Kong had ever considered starting their own business in the city, according to a large-scale study jointly conducted by three universities in Hong Kong, the Shenzhen Academy of Social Science and the Savantas Policy Research Institute, a think tank. By 2016 the figure had expanded to nearly one in five.