Opinion | How AI can catalyse Hong Kong’s next big economic take-off
Hong Kong’s economic story has always unfolded in cycles of innovation. Finance made it a global hub. Real estate later became a backbone. Both engines now face structural limits. As global competition intensifies, the question is what Hong Kong’s new growth engine will be.
The policy address offers a clear signal: artificial intelligence (AI) is a policy priority. With Hong Kong Investment Corporation (HKIC) tasked with channelling capital into frontier industries, AI has been elevated as a potential catalyst for the city’s next economic take-off. The opportunity is real, but success will hinge on whether capital, talent and infrastructure can be aligned into a coherent strategy.
Globally, AI is reshaping innovation. Last year, it commanded an outsize share of the US$314 billion in venture investment worldwide. But the distribution is far from balanced. Asia attracted just US$65.8 billion, a decade low, while US players like OpenAI and Anthropic raised sums that eclipsed entire regions. In the first quarter this year, Asia’s AI start-ups captured less than 10 per cent of global AI funding.
This imbalance highlights the gap between potential and resourcing. Closing it will require capital, regulatory capital, infrastructure and institutional support.
Encouragingly, the foundations are being laid. Hong Kong launched 42 initial public offerings (IPOs) in the first six months, raising US$13.5 billion in its strongest first-half tally since 2021. With more than 200 applications in the pipeline, Hong Kong is reasserting itself as a premier fundraising venue for AI and other tech companies.
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China’s largest EV battery maker CATL celebrates strong debut at Hong Kong stock market
China’s largest EV battery maker CATL celebrates strong debut at Hong Kong stock market
The start-up ecosystem is also maturing, with nearly 4,700 set up last year, up 10 per cent year on year and 40 per cent higher than in 2020. Close to 18,000 people work in local start-ups. The Hong Kong Science and Technology Parks Corp houses more than 2,400 firms, supporting 24,000 people, while the Hong Kong Applied Science and Technology Research Institute has transferred about 1,600 technologies to the industry and secured more than 1,000 patents in Hong Kong, mainland China, the United States and elsewhere.
As Hong Hong deals with the aftermath of Super Typhoon Ragasa, we take a look at SCMP’s coverage of some of the worst storms the city has experienced. Click here to read more. Hong Kong’s day of terror This article was first published on September 2, 1962 Typhoon Wanda, with winds of up to 162
Super Typhoon Ragasa wreaked havoc across Hong Kong on Wednesday, with strong waves shattering the glass doors of an Ocean Park hotel, and violent winds blowing a barge ashore and tearing air conditioning units from homes. Dubbed the “king of storms” by mainland weather authorities, Ragasa maintained winds of 220km/h (137mph) near its centre when
As Super Typhoon Ragasa approaches Hong Kong, we take a look at SCMP’s coverage of some of the worst storms the city has experienced. Click here to read more. Typhoon causes collapse in new housing estate By Staff Reporter This article was first published on August 17, 1971 The most powerful typhoon to strike for
Hong Kong’s bankers and traders hunkered down at home or booked hotels near their offices as Super Typhoon Ragasa descended on the Asian financial hub. The big international banks, including Goldman Sachs, Morgan Stanley and HSBC Holdings, told most employees to work from home before the typhoon unleashed a deluge of rain and sustained winds
Zijin Gold International has delayed the closing of its US$3.2 billion initial public offering (IPO) – the second-largest in Hong Kong this year – to Thursday noon, a day later than previously scheduled, because of the impact of Super Typhoon Ragasa. “As there is a tropical cyclone warning signal No 8 or above in force,
Hong Kong stocks rose on Wednesday, ending a two-day decline as China’s shaky economic outlook fuelled stimulus bets. The Hang Seng Index rose 0.3 per cent to 26,240.34 as of 10am. The Hang Seng Tech Index rose 0.4 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added about
[The content of this article has been produced by our advertising partner.] Financial markets are constantly changing, and as fintech platforms occasionally stumble due to glitches or user confusion, monetary disputes between financial institutions and customers are becoming more frequent. And when such disputes arise, failing to handle them promptly, fairly and to the satisfaction
The military parade in Beijing to mark the 80th anniversary of the victory in the Chinese people’s war of resistance against Japanese aggression drew global attention. In Hong Kong and Macau, where the ceremony was broadcast live, the emotions and reflections inspired were unique – admiration and pride mingling with questions and contemplation. Some ask,
