Hong Kong braces for start-up influx as open border, SFC’s new virtual asset rules aim to turn city into a hub
- China’s reopening has given ‘new optimism and impetus’ to deal-making, says a Baker McKenzie senior executive
- New rules on virtual assets and listings by pre-revenue companies will strengthen Hong Kong as a start-up hub, say MindWorks venture capitalist
More start-ups from mainland China and other parts of Asia will come to Hong Kong in the Year of the Rabbit to raise funds and develop their businesses, thanks to the reopened border and regulatory reforms involving virtual assets and new listings, according to industry watchers.
“We know there are a number of start-ups in the mainland that have shown interest in setting up their business in Hong Kong,” said David Chang, founder and CEO of start-up focused venture-capital company MindWorks. “Hong Kong is the ideal place for start-ups to set up, as it is an international financial centre and the gateway to the Greater Bay Area and other parts of Asia.”
The city has a unique position that other markets, such as Singapore, cannot compete with, Chang said.
“In the future, the start-ups who are interested in virtual assets will come to Hong Kong to apply for licenses under the SFC’s new regime,” Chang said. “This will potentially turn Hong Kong into a virtual asset hub.”
