The Hong Kong government’s new initiatives including a $3.8-billion industry development fund and revamp of listing norms may not be a game changer for the city’s startups and their venture investors seeking exits at a time of market volatility.
Hong Kong chief executive John Lee announced a series of measures to spur the city’s economic development in his maiden policy address on Oct 19. Some of the key initiatives include setting aside a HK$30 ($3.8 billion) fund to invest in businesses and projects that help to foster local industry development, as well as lowering the listing threshold for tech firms.