Shenzhen start-ups fear slow work on Lok Ma Chau Loop tech park

Start-ups in China’s IT hub Shenzhen have warned that Hong Kong might take too long to build a joint innovation and technology park at the Lok Ma Chau border, given how rapidly the sector is developing.

At the same time, Hong Kong’s innovation and technology commissioner is insisting the ambitious Lok Ma Chau Loop project will not cater to mainland companies over local ones, responding to concerns that the location is convenient for Shenzhen but too remote for Hong Kong.

On Tuesday, the city signed a landmark deal with Shenzhen to develop the park, with the mainland side accepting Hong Kong’s jurisdiction over the 87-hectare site for the first time since the 1997 transfer of sovereignty. The project is expected to take more than seven years to come online.

Start-up entrepreneurs who spoke to the Post on Wednesday stressed the need for speed and practicality in developing the Hong Kong-Shenzhen Innovation and Technology Park, along with guarantees of easy access, free flow of capital and international procurement of the latest technology.

“The news has been spreading quickly among tech start-ups in Hong Kong and Shenzhen,” eSight Technology founder Huang Bufu said. “We are looking forward to the park becoming a win-win intersection with advantages from both sides, like Hong Kong’s global vision and talent and Shenzhen’s strong hardware manufacturing capabilities, access to great funding and government support, and channels to reach the mainland market.”