The source text is in Chinese. This English version is for reference only. In case of any discrepancy between this English version and the Chinese version, the Chinese version shall prevail.  

In June this year, Director Xia Baolong remarked that Hong Kong must leverage its unique advantage as a bridge between the Mainland and the rest of the world, during his speech at the 5th Anniversary of Promulgation & Implementation of Hong Kong National Security Law Forum. He emphasised the necessity to achieve high-level opening up, expand international networks, strengthen ties with traditional markets, and actively explore emerging markets such as the Middle East, Southeast Asia, and Latin America. The Government has also stated that Hong Kong will pursue a dual development direction: on one hand, exploring new markets and funding sources, including the Middle East and Southeast Asia; and on the other hand, supporting Mainland enterprises in their global expansion by helping them establish supply chains and industrial networks and providing financial and professional services to aid their overseas business development. 

“Going global” has undoubtedly become one of the most popular keywords in today’s economic development. To truly exploit its strengths, Hong Kong must not only recognise its own advantages but also develop an in-depth understanding of the enterprises it seeks to serve. This will allow the city to effectively assist Mainland enterprises in tapping into global markets. 

Enhancing Early-Stage Financing Services 

The Beijing-Tianjin-Hebei (BTH) region, the Yangtze River Delta (YRD), and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are the most dynamic and open economic regions in China, forming three major economic belts. Much like the globally renowned Bay Areas of San Francisco, New York, and Tokyo, these regions possess strong comprehensive capabilities and innovative potential, earning them the title of the “Three Major Bay Areas of China”. As hubs for enterprise activity, these regions host approximately 70% of China’s top 500 private enterprises, 90% of unicorn companies, and gazelle firms, as well as nearly 70% of the nation’s export volume, making them the central battleground for Mainland enterprises seeking global expansion.

BTH is at the forefront of the nation’s industrial digitalisation process, with Beijing’s Zhongguancun Science Park serving as the core driving force. Contributing 30% to the city’s GDP, this hub is located near numerous universities and has nurtured major companies like ByteDance, Kuaishou, Xiaomi, Meituan, and JD.com. It has also given rise to 40% of the country’s e-commerce unicorns and a wave of cutting-edge AI companies. Meanwhile, the YRD showcases its competitiveness in frontier technologies, financial technology, advanced manufacturing, and biopharmaceuticals. Representative companies include the rapidly emerging “Six Little Dragons of Hangzhou” and Ant Group. The region also dominates the top three provinces in terms of photovoltaic industry output and houses more than 60% of the country’s biotech unicorns. In the GBA, Mainland cities serve as hubs for electronics manufacturing and logistics enterprises. Leading companies in various sectors have emerged here, including Midea, TCL, and Gree in household appliances, Huawei, OPPO, and VIVO in smartphones, and DJI, Autel Robotics, and EHang in drones. Additionally, logistics giants such as SF Express and Lalamove have emerged, nurturing nearly 30% of the country’s logistics unicorns. 

Mainland enterprises face various challenges in their global expansion, including difficulties with financing and internationalisation. In fact, many Mainland companies view Hong Kong as a springboard for launching products, services, business models, and brands abroad. For instance, some e-commerce platforms have positioned their Hong Kong operations as hubs for cross-border supply chains to expand into Europe and the Middle East. Similarly, AI and robotics companies are preparing to list under the specialised Chapter 18C regime while forming strategic collaborations with public and private entities in Hong Kong to accelerate their international expansion. Meanwhile, fintech firms are leveraging Hong Kong for global treasury management and applying for stablecoin issuance licences, while photovoltaic companies are establishing green financing platforms in Hong Kong to support energy projects across Asia and Africa. Biotech firms are setting up international R&D centres in Hong Kong, connecting with its resources to speed up the globalisation of technological achievements. 

Professional services aligned with international standards are one of Hong Kong’s key strengths. Amidst global geopolitical and economic uncertainties, the role of Hong Kong’s professional services in supporting Mainland enterprises’ global ventures has never been greater. To seize these opportunities, the breadth and depth of professional services must be enhanced. 

Take corporate financing as an example. Hong Kong’s business sector has traditionally focused on IPOs and bond issuance services for mature Mainland companies, often neglecting the financing needs of early-stage startups. This oversight risks missing the opportunity to support high-potential enterprises during their critical growth phases, highlighting the current lack of breadth and inclusivity in Hong Kong’s financing platform. Currently, the Government offers over 40 funding schemes for SMEs registered in Hong Kong. These schemes could theoretically support seed-stage and early-stage startups, including innovative Mainland enterprises choosing to set up in Hong Kong. Exploring ways to activate these resources further will undoubtedly be a key direction for the future. 

To meet the market trial needs of enterprises, it is essential to proactively understand the characteristics of key industries in different regions, as described earlier. Industries such as artificial intelligence, fintech, social platforms, robotics, consumer electronics, household appliances, biopharmaceuticals, logistics, and e-commerce each target different application scenarios, certification standards, and intellectual property requirements. These sectors face varying domestic and international regulatory demands and employ diverse globalisation strategies, ranging from factory construction and acquisitions to fully cloud-based services. Many of these companies also have overlapping needs for financing and market trials. If Hong Kong professional service providers focus solely on internationalisation while neglecting in-depth understanding of the Mainland market, or if they only recognise their own specialism while ignoring cross-professional service needs, they will find it difficult to seize the new opportunities brought about by Mainland enterprises going global.

Strengthening the Role of the “Go Global Service Centre” 

The Hong Kong Productivity Council, a public organisation serving SMEs, recently established a “Go Global Service Centre” to systematically provide Mainland enterprises with critical professional services. These include international certification, government funding matching, application scenario networking, and support for smart manufacturing. In addition, the centre has proactively engaged with innovative firms from the “Three Major Bay Areas”, reflecting Hong Kong’s evolving understanding of its role as a “partner in global expansion”. This shift marks a transition from exploratory to operational phases. Looking ahead, Hong Kong’s professional services and business community must accelerate this transformation. By delivering precise, targeted support to Mainland enterprises, the city can fully seize the opportunities presented by their global expansion.