Deals
Hong Kong Has Plenty of Billionaires But No Billion-Dollar Startups
- Global count lists 166 startups worth at least $1 billion
- Investors, entrepreneurs say city culture, tycoons limit risk
Hong Kong Has No Billion-Dollar Startups
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Luxembourg has a unicorn, and so does the Czech Republic. That puts them ahead of Hong Kong, which doesn’t have a startup valued at $1 billion-plus even though its economy is bigger than those European countries -- combined.
A global count by CB Insights lists 166 startups as unicorns, with another 50 on the cusp. One’s in Nigeria and another’s in Scotland, but none are in Hong Kong, a city long considered the entryway to China but whose economy contracted in the first quarter and now is among the worst performers in Asia.