tech, policy, greater bay area, start-ups, china technology, cyberport’s future is in the north as industry pivots towards greater bay area, says ceo of hong kong tech hub

Hong Kong tech hub Cyberport sees its future in the North as the city’s tech industry pivots towards China’s Greater Bay Area from Southeast Asia, its chief executive said.

In an interview with the South China Morning Post last week Peter Yan King-shun, chief executive of Hong Kong Cyberport Management Company, which is owned by the Hong Kong Government, said that Cyberport is at a special point in its history. Its mission going forward will be to aid the city’s integration with the Greater Bay Area to create a hi-tech economic zone comprising Hong Kong, Macau and nine cities in Guangdong province to rival Silicon Valley.

“In the past, tensions between China and the US have created a lot of uncertainty. But now with our country’s plan for the Greater Bay Area … the direction has become far clearer,” said Yan.

“When you know what to expect … you can do the math and evaluate whether an investment is worth it. If it’s not worth it, you end it.” “We’ve done the math,” he added, “and it really is worth it.”

Cyberport has dedicated a lot of resources to fostering local tech start-ups since its inception in 2004 but there has been a debate over its future role. Although Cyberport has helped produce five unicorns – start-ups with a valuation of more than US$1 billion – this has been dwarfed by neighbouring Shenzhen, where more than a dozen new unicorns are born every year.

Yan said Hong Kong’s tech firms will rely more on the Greater Bay Area as a market in future. “Ultimately this is about getting exposure to the Greater Bay Area market. In the past, we had the Hong Kong local market and the Southeast Asia market. This is a huge difference,” Yan said.

tech, policy, greater bay area, start-ups, china technology, cyberport’s future is in the north as industry pivots towards greater bay area, says ceo of hong kong tech hub

Peter Yan King-shun, chief executive of Hong Kong Cyberport Management Company, says that Cyberport is at a special moment in its history. Photo: Handout

With government funding support, Cyberport provides capital, office space and access to technology to help local start-ups get off the ground. From the third quarter last year to second quarter this year, Cyberport took part in a total of 95 investment deals, totalling HK$5.6 billion (US$720 million), a 66 per cent increase in the number of deals and a 143 per cent increase in the amount invested from the same period a year ago.

Cyberport has also helped companies enter other cities in the Greater Bay Area. The number of companies with exposure to the Greater Bay Area grew from more than 30 last year to nearly 70 this year. These companies together have set up a total of 84 offices in the region, with Shenzhen being the most popular destination.

According to Yan, Cyberport will focus on several major areas of tech including artificial intelligence, blockchain, cloud computing and big data, all of which are in line with Beijing’s tech policies.

Hong Kong’s technology community is being increasingly affected by changes in the north. Crypto-derivatives exchange FTX, after starting in Hong Kong and becoming one of the world’s biggest of its kind, announced last month that it had moved its headquarters to the Bahamas after China launched a series of crackdowns on cryptocurrencies.

Yan said that Hong Kong will remain attractive for fintech innovation, especially when it comes to development around China’s sovereign digital yuan.

“Under the broad umbrella of cryptocurrencies, there is still the CBDC (Central Bank Digital Currency). And it is really about China’s digital yuan” he said. “Hong Kong is the world’s biggest trading hub for offshore yuan. This is Hong Kong’s biggest advantage, with massive growth seen in the past few years … So our edge in digital currency remains enormous.”

TECH NEWS RELATED

Gravitational waves could be key to answering why more matter was left over after Big Bang

Asymmetry in the universe may have been the result of the following process: (1) The potential for the inflaton has a shape and starts away from its minimum. (2) At the end of inflation a field starts rolling around to its minimum. (3) In different patches blobs of field ...

View more: Gravitational waves could be key to answering why more matter was left over after Big Bang

Pokémon Go Community Day Guide December 2021

Source: Niantic Pokémon Go Community Days are exactly what the name implies — a way to get trainers out catching and raiding together…or at least they were. Now, with so many places having Shelter in Place orders and social distancing being critical, Niantic has evolved the Community Day experience into ...

View more: Pokémon Go Community Day Guide December 2021

Update Apple TV: How to prepare your Apple TV for a smooth update

Source: Joseph Keller/iMore When you update Apple TV to tvOS 15, you won’t even notice many changes because they are so subtle. There are, however, some pretty awesome new features that you should read about in our tvOS 15 FAQ. Before you click the “update” button on your Apple TV, ...

View more: Update Apple TV: How to prepare your Apple TV for a smooth update

How to name and save locations with Maps on iPhone and iPad

Source: iMore Whether you want your iPhone to remember your best friend’s house or your local gym, adding and naming locations is easy with the Maps app in iOS 15 or iPadOS 15 for iPhone and iPad, respectively. Here’s how! Jump: How to add an address to a contact in ...

View more: How to name and save locations with Maps on iPhone and iPad

Alexa Together: A new service for helping seniors: Talking Tech podcast

Hit play on the player above to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between the audio and the text. More: Daily news, true crime, and more ...

View more: Alexa Together: A new service for helping seniors: Talking Tech podcast

How to get started with Git on Windows and WSL

Source: Windows Central You don’t have to be a master programmer to use Git; you don’t even have to be into coding at all. Git can be applied to a number of tasks since it is, at heart, a version control tool. But as open-source software continues to grow and ...

View more: How to get started with Git on Windows and WSL

Bitcoin vs Ripple:

Overview: From the outside, the cryptocurrency-making investment universe appears restricted to bitcoins. As the maximum famous cryptocurrency, bitcoin is the chief in marketplace capitalization and universal traction with investors. But there are numerous different alternatives for the ones interested in diversifying their portfolio and experimenting with cash that provides ...

View more: Bitcoin vs Ripple:

Birmingham startup Grid Edge raises £2m to optimise building energy use

Grid Edge, a Birmingham-based cleantech startup, has raised £2m in funding from BP Ventures, Goldacre (part of the Noé Group), and Aston University. Formed as a spin-out company from Aston University, Grid Edge has developed cloud-based artificial intelligence (AI) software that integrates with building controls to optimise energy use. ...

View more: Birmingham startup Grid Edge raises £2m to optimise building energy use

Vivo Y55s 5G With MediaTek Dimensity 700 SoC, 50-Megapixel Dual Cameras Launched; Price, Specifications

Uncharted: Legacy of Thieves Collection Coming to PS5, PC; to Launch on PS5 on January 28

Apple Watch (2022) Series May Include Three Models, iPhone SE (2023) to Bring Substantial Upgrades: Kuo

TRAI Asks Telcos to Allow Port-Out SMS Facility Irrespective of Tariff Offer, Voucher Value

Billionaire Yusaku Maezawa Heads to ISS Ahead of SpaceX Moon Mission

California's water supplies are in trouble as climate change worsens natural dry spells, especially in the Sierra Nevada

Prospects for more efficient solar energy conversion

Join NASA's latest citizen science project: Solar Jet Hunter

Preventing extreme polarization of political attitudes

Mahindra Group ties up with Jio-bp JV to bolster EV business

'Euros' is most googled term of 2021 in UK

Lay-offs at China’s Big Tech mount with Kuaishou, iQiyi said to be joining ByteDance in job cuts

OTHER TECH NEWS

;