(Yicai) July 6 -- In an increasingly uncertain global environment, technology company founders are increasingly seeking to expand in places that combine “rock-solid stability and immense market access,” according to Terry Wong, chief executive officer of Hong Kong Science and Technology Parks (HKSTP), the firm behind Hong Kong Science Park and the Chinese special administrative region’s three InnoParks.

“The global landscape is shifting,” Terry Wong said in an interview with Yicai ahead of the inaugural LEAP East tech summit, which will be held in Hong Kong from July 8 to 10. “Rather than relying on a single market, companies are seeking diversified, resilient ecosystems that balance global access with local adaptability.”

HKSTP, which hosts more than 2,400 tech companies and has helped nurture 13 unicorns, acts as an "ecosystem orchestrator," Wong noted. Since April 2024, it has helped generate more than 300 commercialization opportunities for its partner companies abroad, bringing an estimated business value of around HKD20 billion (USD2.5 billion), he pointed out.

Wong, who previously led a major smart city development project at NEOM, the megaproject underway in Saudi Arabia’s Tabuk province said, Chinese mainland firms have proven strengths in smart cities, renewable energy, and digital transformation, areas highly complementary to Saudi Arabia's Vision 2030 initiative, he stressed.

Vision 2030 is a national plan to diversify the kingdom’s economy away from a reliance on crude oil production, boosting sectors such as technology, tourism, logistics, and renewable energy.

The synergy between Chinese businesses and Vision 2020 is the driving force behind LEAP East. HKSTP, the exclusive Tech Ecosystem Partner for the event, aims to connect Asian tech company founders directly with Gulf capital. 

The summit will bring together more than 200 investors representing nearly USD2 trillion in assets under management, Mike Champion, CEO of LEAP East organizer Tahaluf, told Yicai. Success in the region depends heavily on "how quickly companies can establish the right local footing" and navigate localization requirements, he added.

For Chinese mainland artificial intelligence and deep-tech companies, expanding via Hong Kong offers distinct structural advantages over direct internationalization. 

Hong Kong has a unique fundraising mechanism, Wong noted, adding that the city allows pre-revenue deep-tech companies to list on the stock exchange under Chapter 18A and 18C of its stock exchange rules.

In addition, the "dual-park linkage" between HKSTP's Hong Kong campus and its Shenzhen branch allows startups to conduct research and development under international legal norms while leveraging mainland infrastructure for manufacturing and clinical scaling, he pointed out.

"Seeing how our companies actually go global, using Hong Kong as a bridge to access the Chinese mainland, Asia, and global markets, has been remarkable," Wong said. He cited the success of Shanghai-based autonomous driving firm Westwell, which used Hong Kong as its international headquarters to expand into Europe and the Middle East.

Editor: Martin Kadiev