Hong Kong Hard Tech Industry
The Hong Kong Hard Tech Industry
In recent years, Hong Kong has been trying to build a hard tech sector. This includes new energy, software-as-a-service (SaaS), platform-as-a-service (PaaS), smart manufacturing and robotics, semiconductors, quantum computing, autonomous driving and artificial intelligence.
However, these sectors are lagging behind the growth of Singapore and other tech hubs. The reasons are partly cultural, but mostly technical.
China and the United States are both enacting stricter controls on technology exports from Hong Kong. This has slowed down the development of cutting-edge technologies in the city, including artificial intelligence chips that were sold to Chinese customers, and has made it more difficult for companies to access capital to fund innovation 香港硬科技.
The Hong Kong government has attempted to improve the local technology scene by bringing in universities and boosting research and development funding. But this has not been enough to attract the necessary talent.
Hong Kong has also suffered a huge exodus of talented employees from its high-tech sector. Several major firms in the sector have moved overseas, including Apple and Google.
Those who remain have joined other technology companies in Hong Kong, including a number of startups. These include a mobile app that lets users pay for taxi rides in Hong Kong.
In addition to this, Hong Kong’s technology sector has been struggling to compete with more established hubs like Silicon Valley and Boston, where many companies have already established their foothold.
In response, HKEX is considering a listing scheme that would lower revenue requirements for hard-tech companies to go public. It is expected to consult the public in the next few months and finalise its scheme by the end of the year, people familiar with the matter said.