The identity of the chairman of Henderson Land clearly shows the industry in which Lee Shau Kee accumulated his wealth. Real estate and finance were the main destinations for capital injection in Hong Kong in the past, and they also created traditional rich people like Lee Shau Kee. However, due to the downturn in Hong Kong's real estate market in recent years and the Hong Kong government's "dirty tactics" to suppress property prices, the income of the real estate tycoons' old businesses has decreased, and their net worth has generally shrunk. Li Ka-shing, who also accumulated huge wealth through real estate, lost more blood in the real estate industry last year. Hong Kong media reported that its main business, Cheung Kong Holdings [-0.14%], achieved only less than HK$5 billion of its full-year property sales target of HK$30 billion in Hong Kong last year, the lowest level in the past 13 years.
However, Li Ka-shing still ranks first on the 2014 Forbes Hong Kong rich list, which is partly due to the transfer of his wealth. Turning his attention to high technology is considered to be his new way to make money.
The "golden egg" hatched by the richest man
Indeed, in recent years, almost every exposure of Li Ka-shing has been related to high technology. In May this year, Li Ka-shing brought seven of his favorite high-tech products recently invested to the mainland for an exhibition, including nano-LED light bulbs, artificial eggs, etc. Hong Kong media reported that artificial eggs are already available in Hong Kong supermarkets, and another technology company invested by Li Ka-shing is working on developing 3D printed meat.
Li Ka-shing's venture capital company "Victoria Harbor" has invested in more than 40 projects.
With the media exposure, people slowly and clearly see that Li Ka-shing is no longer just a veteran real estate developer. In the field of emerging technology, Li is the richest man with unique vision and courageous actions, and has received generous rewards as a result.
Cartoon apps have become very popular recently, and many people’s Moments and Facebook have been flooded with cartoon versions of their friends’ avatars. One of them, a cartoon character image creation app called Bitstrips, occupied the top spot in the U.S. App Store and Google Play App Store, and was so popular that the server was once paralyzed. This popular app is another "golden egg" hatched by Li Ka-shing's investment.
Victoria Harbor Investment, Li Ka-shing’s venture capital company, has currently disclosed more than 40 investments. Forbes also said that Li Ka-shing has repeatedly invested in overseas IT companies in recent years, keeping a close eye on new technologies, including Facebook, etc., and the returns have even exceeded more than ten times, which has increased his wealth.
Capital prefers high technology
From the real estate industry where fortunes were made, to the high-precision and cutting-edge technology industry, Hong Kong's rich and capital are more willing to do it.
Victoria Harbor is a venture capital company that mainly invests in early-stage high-tech projects. Generally, the gap period between start-up companies obtaining initial capital and entering the next stage of financing is an excellent opportunity for venture capital to enter. Li Ka-shing’s investment is a typical entrepreneurial venture capital. The reality shows that almost all of Victoria Harbor’s investment targets are young companies that have been in business for less than three years.
Being involved in cultivating a company from its seed stage is a characteristic of Hong Kong’s richest people, represented by Victoria Harbor Investment, who are moving into new technologies. Generally speaking, network technology, biotechnology, energy and environmental protection, etc. are all popular industries.
The development of angel investment in Hong Kong also shows the same capital trend. As a special form of venture capital, angel investment is developing rapidly in Hong Kong. It provides a batch of funds to enable companies that are still in the "seed stage" and have unformed products and businesses to start quickly. The source of angel investment funds has gradually developed from the generosity of a few wealthy people to more diverse forms such as professional institutions and private capital. Some analysis shows that companies with high-tech content and great market prospects are more likely to be recognized by angel investors. At present, information technology companies are more popular with angel investors.
Closely connected to Hong Kong’s economic transformation
Hong Kong consortiums focus on high technology and are closely linked to Hong Kong’s new round of economic transformation.
In the 2014 Forbes Hong Kong Rich List, Alibaba Group Vice Chairman Joe Tsai appeared on the list for the first time, ranking fourteenth. 2013 was the year when China's traditional business system fully entered the e-commerce explosion. Almost all traditional economic fields began to embrace e-commerce. The "explosion" of the wealth of Alibaba's shareholders in Hong Kong was a new economic signal.
When Hong Kong SAR Chief Executive Leung Chun-ying delivered the 2014 Policy Address, he stated that the SAR government would once again establish the Innovation and Technology Bureau to work with all sectors of society to formulate goals and policies for Hong Kong's innovation and technology development. The SAR government established the Hong Kong Science and Technology Parks Corporation as early as 2001 to provide services for "technology-based" companies and activities. In July this year, the SAR government appointed Luo Fanjiaofen as the chairman of the company's board of directors. She said that Hong Kong has begun the process of transforming into a knowledge-based economy and society, and the SAR government is working with all sectors of society to further promote the development of innovation and technology in Hong Kong. In the future, Hong Kong will not only be a financial center, but also a smart city and a creative city. Hong Kong has unique advantages in developing science and technology and innovation, including having research universities, an effective intellectual property protection system, a sound and robust capital market, and being backed by the motherland. However, it has not been fully utilized yet.
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