(PHOTO / VCG)

HONG KONG – Most startups in the Guangdong-Hong Kong-Macao Greater Bay Area are optimistic about their future growth, with 18 percent of entrepreneurs expecting their revenue to double in three years, according to a survey conducted by the Hong Kong Trade and Development Council and HSBC. 

The result indicated that 71 percent of respondents expect annual revenue to grow more than 25 percent in the next three years, while about 30 percent of startups plan to expand in that same time frame. 

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The survey group interviewed 308 startups established in 2016 or later and located in the Greater Bay Area. The surveyed companies cover sectors that include the new economy, information technology and hardware, innovative and professional services, and biotechnology. 

Hong Kong continues to bolster its role as an international financial center and a key gateway for companies that look to expand in the Greater Bat Area.

Christina Ong, Head of business banking, commercial banking, HSBC

In the report, 81 percent of respondents were satisfied with the startup ecosystem in their respective cities. Startups in the new-retail sector were the most satisfied with the ecosystem, with 90 percent giving a score of 7 or more out of 10. 

In addition, more than 80 percent of respondents will use Hong Kong services in the next three years. Most of these services will be banking services such as trade financing, cross-border settlement, and lending, according to the report. 

Nicolas Kwan, the HKTDC’s director of research, said that Hong Kong has professional services and international practices, as well as a large pool of talent familiar with both overseas and mainland markets, which can offer reliable, efficient, and quality services to GBA startups. 

“Hong Kong continues to bolster its role as an international financial center and a key gateway for companies that look to expand in the Greater Bat Area,” said Christina Ong, HSBC’s head of business banking, commercial banking. The acceleration of cross-border business activities is set to fuel the demand for seamless financial solutions and dedicated support from professionals, she added. 

The surveyed companies also see advantages in different GBA cities. Hong Kong has a sound intellectual property protection system and world-class scientific research capabilities, robust financial regulation and internationalized service industries; Shenzhen has first-rate scientific research facilities and research and development talent; while Guangdong has an advanced manufacturing industry. 

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“Hong Kong can further cooperate with other cities within the Greater Bay Area in technology commercialization,” Kwan said. 

The overall number of startups in the city reaching a record high of 3,755 this year, up 12 percent over 2020, according to data compiled by InvestHK in September. 

Contact the writer at aoyulu@chinadailyhk.com