HK's push to become tech ‘investment epicentre’
Hong Kong has bolstered its fintech credentials, launching a new initiative to support technology firms during their initial public offering.
The Hong Kong Science and Technology Parks Corporation (HKSTP), together with the Hong Kong Exchanges and Clearing Limited (HKEX), have announced the launch of their 'Road to IPO' platform, a support network designed to strengthen and attract investment for HK-based technology companies.
The ‘Road to IPO: Seminar for High Growth Corporates’ platform will be tasked with preparing technology companies for their initial public offering (IPO), navigating organisations through the “multi-stage, multi-year process”.
The move aims to “transform Hong Kong into a new epicentre of technology innovation,” according to a HKSTP release.
“The platform will connect high-potential technology companies with external parties including global investors, financial, legal and business experts that can support them on this journey,” the release said.
The initiative will target companies that are approaching the IPO-planning stage, guiding technology firms through the various stages of the fund-raising and IPO process
"Technology is key to the future of Hong Kong and global economy, while investors are key to the technology ecosystem, said Albert Wong, chief executive officer of HKSTP.
Wong was buoyant about the possibilities of offering Hong Kong's burgeoning technology industries greater access to capital.
Partnering with the HKEX will deliver a “powerful end-to-end support platform to nurture technology companies towards IPO in Hong Kong, and help Hong Kong become a regional hub for technology investment,” Wong added.
The IPO initiative comes just a month after a report by Financial Services Development Council that found Hong Kong’s development in fintech to be severely lagging, encouraging Hong Kong firms to "catch up in the race and demonstrate to local and international fintech firms ... [Hong Kong's] opportunities for developing their businesses.”