Southeast Asian start-ups lured to Hong Kong by mainland China link, funding opportunities
- Singapore medical device maker E3A Healthcare developing its business in Hong Kong
Several Southeast Asian start-ups are choosing Hong Kong to develop their business, pointing to the city’s connection to mainland China and wider funding sources as the main reasons, while dismissing concerns about a brain drain.
The firms were among 10 that won awards at City University’s HK Tech 300 Southeast Asia Start-up Competition, and hailed from Malaysia, Singapore, Indonesia, Vietnam and Thailand.
The competition involved more than 100 start-ups, with each winner receiving HK$1 million as an angel investment from the university’s flagship innovation and entrepreneurship programme, HK Tech 300.
“The very main reason [for developing our business in Hong Kong] is the connection to the mainland, and then the accessibility to venture funding, grant funding or government funding,” said Harry Chen Hong-yuan, partner and chief financial Officer of E3A Healthcare.
The company, which produces medical devices for women and newborns, was founded in Singapore in 2019 and set up a holding company that year in Hong Kong.
The firm established a research and development centre in the city last year after learning about funding provided by Hong Kong’s Innovation and Technology Fund, as well as a receiving a grant from the Science Park.