Hong Kong is ramping up efforts to strengthen its technology startup ecosystem and foster the growth of unicorn companies through enhanced financial support and strategic initiatives. The city aims to leverage its robust fundraising capabilities and advanced financial infrastructure to position itself as a leading innovation and technology (I&T) hub.
Terry Wong Ping-sau, CEO of the Hong Kong Science and Technology Parks Corporation (HKSTP), noted a marked increase in investor interest in the local technology sector compared with a decade ago. He highlighted growing enthusiasm among traditional enterprises and family offices, spurred by the next generation of business leaders seeking to transform conventional operations.
“As an ecosystem hub, we can provide them with insights on I&T developments and introduce various investment opportunities,” Wong said, underscoring HKSTP’s role in connecting stakeholders and supporting emerging technology ventures.
While Hong Kong demonstrated significant fundraising strength last year — assisting firms in raising approximately HK$285.8 billion through new listings — Wong acknowledged there is potential for improvement in early-stage financing. Established in 2001, HKSTP serves as a statutory body tasked with nurturing talent, providing research and development facilities, and fostering collaboration within the technology sector.
Together with Cyberport, the city’s fintech-focused innovation hub, HKSTP has helped cultivate more than a dozen unicorns—privately held startups valued at over US$1 billion—including AI firm SenseTime, logistics company Lalamove, and AI drug discovery developer Insilico Medicine. Additionally, the organization has supported 17 companies through initial public offerings, according to its 2024-2025 annual report.
To maintain competitiveness, Wong emphasized the importance of accelerating product commercialization and driving more startups toward public listings. He expressed optimism that the coming eight to ten years could represent a “golden era” for Hong Kong to produce large-scale, high-potential tech companies.
HKSTP has developed multiple funding channels to attract startups, including a corporate venture fund launched in 2018 that has raised over HK$170 billion. The fund reportedly generates HK$13 in private market investments for every HK$1 contributed, collaborating with more than 500 corporate partners and 210 active investors.
In April 2025, HKSTP introduced Hong Kong’s first public-private partnership fund dedicated to I&T—the Co-Acceleration Programme. This initiative has drawn nine corporate limited partners to co-invest and requires startups receiving investment to establish operations at Hong Kong Science Park. Wong described the programme as an effective method to attract promising overseas I&T companies to continue their development in Hong Kong.
Wong expressed confidence in the government’s goal to increase the number of homegrown unicorns to 30 by 2032, noting that HKSTP is enhancing its role as an “ecosystem orchestrator” committed to proactive ecosystem building.
A recent joint study by HKSTP and technology market intelligence firm CB Insights indicates that Hong Kong’s firms exhibit the strongest growth momentum among Asian markets, followed by Taiwan and Singapore. The report also observed a trend of capital concentrating on fewer but larger deals—tech funding in Asia surged 157 percent year-on-year in the first half of 2026, despite a 22 percent decline in deal count.
John Kelly, managing director and senior vice president of client innovation at CB Insights, characterized the shift toward larger investments as evidence of a maturing capital market. He suggested that returns from large-scale deals could eventually channel back into early-stage and seed funding. Kelly also urged startups to enhance transparency and utilize data and AI tools to better reveal their value to global investors.