Hong Kong launches IPO support system for start-ups
Hong Kong is looking to boost its fintech scene with an initiative to help tech firms take the right road for their initial public offering (IPO).
Hong Kong Science and Technology Parks Corporation (HKSTP) and Hong Kong Exchanges and Clearing (HKEX) have launched their “Road to IPO” platform.
It’s not purely for fintech as the platform was created to help steer all tech companies through the multi-stage, multi-year process as they prepare for an IPO. The platform will connect “high-potential” firms with external parties including global investors, financial, legal and business experts that can support them on this journey.
Albert Wong, chief executive officer of HKSTP, says technology is “key to the future of Hong Kong and global economy while investors are key to the technology ecosystem” and with HKEX they can “help Hong Kong become a regional hub for technology investment”.
HKSTP and HKEX will organise IPO-related joint workshops to help firms put in place the right strategies, management team, corporate structure as well as financial and governance models as part of their IPO preparation.
HKSTP will set up an enquiry hotline to cater for companies at all stages that need directions to an IPO. HKEX will assist firms referred by HKSTP at appropriate times by guiding them through the IPO preparation process and relevant listing requirement.
The Hong Kong Science Park is home to more than 630 tech companies and HKSTP has more than 260 start-ups currently in its incubation programmes.
Hong Kong is aware that it sits in Singapore’s shadow in the fintech rankings – and is often trying to do more.
Last month, Hong Kong’s government came under fire for perceived failings in the further development of fintech in the region. The Financial Services Development Council released two research reports that looked at the fintech scene and it urged the government to step up the action.
Also, in January, Banking Technology was invited to a fintech tour of Hong Kong, which included a visit to the impressive Hong Kong Science Park. From our visit, the region is doing a lot to boost innovation and is calling out for start-up applicants.