Financial Secretary says start-ups grew by 40% in past five years

Financial Secretary Paul Chan said that thanks to the joint efforts of the government and various sectors, the number of start-ups in Hong Kong has increased by 40% over the past five years.

In a blog post, Chan wrote that Hong Kong has about 4,700 start-ups, reflecting significant development in the city's innovation and technology ecosystem.

Hong Kong's two flagship IT institutions, Hong Kong Science Park and Cyberport, helped their incubated start-ups raise a combined total of about 6 billion dollars over the past year.

Several companies that set up in these hubs also successfully listed in the past year or so, raising a total of 5.2 billion dollars.