Hong Kong can serve as a super-connector to help Chinese electric vehicle (EV) makers increase their market presence overseas, according to a government official and industry experts.
The city aims to leverage its proximity to the mainland to help companies in the intelligent-vehicle supply chain gain a foothold in export markets, said Lillian Cheong Man-lei, Under Secretary for Innovation, Technology and Industry.
As a super-connector and value-adder, “we can help more mainland companies to set up their business in Hong Kong, and expand into overseas markets,” she said at a forum on Friday at Hong Kong Science Park.
The event was organised by Hozon New Energy Automobile, the Shanghai-based start-up behind the Neta brand of EVs. The company signed an agreement with Hong Kong Science and Technology Parks Corporation (HKSTP) in September to set up its international headquarters in Hong Kong.
HKSTP has signed partnerships with 11 advanced manufacturing enterprises so far this year as part of the city’s push to become an innovation hub.
“Hong Kong is not just a global financial centre and a bridge connecting Western and Eastern cultures,” said Fang Yunzhou, founder and chairman of Hozon. The city can also “serve as a strategic international innovation platform”, he added.
Fang Fang, a founding partner at Waterwood Investment Group, said Chinese EV brands can make good use of Hong Kong’s traditional advantages in financing, logistics and commerce to reach more customers globally. Policy support is also beneficial, he added.
Developing the automobile supply chain in Hong Kong can also attract many infrastructure companies, supporting the city’s economic growth and bringing in more talent and fundraising opportunities, Fang added.
Chinese EV brands nearly doubled their market share to 30 per cent in the Hong Kong market in the first six months this year, according to London-based car distributor Inchcape based on Transport Department data.
Nine Chinese EV makers have so far won approval to sell their cars in Hong Kong, with prices ranging from HK$160,377 for Hozon’s Neta AYA Lite five-seater SUV to HK$619,190 for SAIC Maxus’ MIFA 9 Premium multipurpose vehicle.
