Hong Kong attracts Chinese AI companies for expansion

Hong Kong is becoming a popular destination for Chinese artificial intelligence (AI) start-ups looking to expand internationally. Executives at a tech event on Wednesday highlighted the city's potential as a bridge to overseas markets. CloudWalk Technology, an AI company from Guangzhou, is considering establishing a presence in Hong Kong. Co-founder Liu Jun mentioned that the Greater Bay Area, which includes Hong Kong, Macau, and several Chinese cities, offers an innovative atmosphere similar to that of Hangzhou, a well-known tech hub. Hong Kong provides several advantages for these companies. It has access to high-quality talent, global influence, and supportive policies for innovation. Additionally, the Hong Kong government is investing HK$1 billion (about US$129 million) to create an AI institute to boost local development. Chinese companies like iFlyTek and Pony.ai are also exploring opportunities in Hong Kong. iFlyTek, which opened its global headquarters in the city last July, is focusing on Cantonese voice-recognition technology to serve multinational firms. Meanwhile, Pony.ai aims to launch its autonomous robotaxis in Hong Kong but is working closely with the local government to prepare for that. Overall, the trend shows that Hong Kong is not only attracting AI start-ups but is also positioning itself as a significant player in the tech industry.