According to the most recent government data, the number of tech startups in Hong Kong reached a record high of 4,694 in 2024, including more than 600 in financial technology
read more
Hong Kong has become a launching pad for software businesses aimed at the enormous mainland market and beyond.
This is primarily due to the city’s fast integration with the Greater Bay Area in southern China, as well as its still-internationally competitive corporate climate and relatively open information flows.
According to the most recent government data, the number of tech startups in Hong Kong reached a record high of 4,694 in 2024, including more than 600 in financial technology. This is about 10% growth from the 4,257 startups in 2023.
According to an annual study issued in February by government agency InvestHK, they employ 17,651 people, a 7% increase from the previous year.
Hong Kong’s growing tech prominence comes at a time when the startup environment in Shenzhen, the mainland’s primary innovation hub, is losing some of its shine. On one crucial indicator, the number of unicorns, or startups valued at more than $1 billion, Hong Kong has surpassed Shenzhen.
According to CB Insights, an industry tracker, Hong Kong presently has nine unicorns, compared to only six in Shenzen.
The Hong Kong government, which counts more than ten unicorns due to various definitions, has stated that it plans to increase the number of unicorns to 30 by 2032. In 2014, it had zero.
King Leung, InvestHK’s global head of financial services, fintech, and sustainability, stated that entrepreneurs generally have a clear vision of the challenges they seek to tackle.
Local entrepreneurs now account for 72% of all business founders, up from 68% the previous year.
Hong Kong’s IT unicorns include financial companies HashKey Group, ZA Bank, WeLab, and Airwallex.
Leung named Animoca Brands, WeLab, GoGoX, LaLaMove, and SmartMore as prominent alumni of Cyberport and the Hong Kong Science & Technology Park’s incubation initiatives.
He attributed Hong Kong’s growing tech startup sector to a variety of causes. These include closeness and preferential access to the Chinese mainland market, an international vision, a strong common law system with strong intellectual property protection, and total capital flow freedom.
“Hong Kong plays a vital role in bridging mainland China and the world, particularly within the booming tech and startup landscape of the Greater Bay Area,” he added.
The government’s efforts to attract talent from across the border have also aided the creation of tech startups
