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06-04-2017, 07:00 PM
25-Year-Old May Soon Give Hong Kong Its First $1 Billion Startup
by Giles Turner and Peter Elstrom
April 6, 2017, 3:02 PM GMT+8
Hong Kong may soon get its first billion-dollar startup, thanks to a 25-year-old entrepreneur whose company leases phones to travelers.
Tink Labs Ltd. is in the process of raising about $40 million and aiming for a valuation of more than $1 billion, according to people familiar with the matter. The fundraising isn’t yet complete and the final figures could change, said the people, asking not to be identified because the information isn’t public.
Founded in 2012 and led by Chief Executive Officer Terence Kwok, Tink Labs has more than doubled its staffing to more than 300 people over the past year. The financing will go towards staff and expansion costs, and is targeting family offices and institutional investors. In September, Tink Labs raised $125 million at a valuation of more than $500 million, with backing from Foxconn Technology Group, Kai-Fu Lee’s Sinovation Ventures and Cai Wensheng, chairman of Meitu Inc.
While China has an ever-growing bevy of so-called unicorns, Hong Kong startups have been absent from the list, according to data compiled by CB Insights. Hong Kong doesn’t have a single startup valued at $1 billion-plus, even though it has an advanced economy that’s considered one of Asia’s financial capitals. That dearth stems partly from a cultural norm that favors stable jobs in established companies rather than risky go-it-alone propositions. At the same time, businesses often targeted by startups -- such as retail -- are controlled by a handful of local billionaires and their conglomerates.
More details in https://www.bloomberg.com/news/articles/...on-startup
by Giles Turner and Peter Elstrom
April 6, 2017, 3:02 PM GMT+8
Hong Kong may soon get its first billion-dollar startup, thanks to a 25-year-old entrepreneur whose company leases phones to travelers.
Tink Labs Ltd. is in the process of raising about $40 million and aiming for a valuation of more than $1 billion, according to people familiar with the matter. The fundraising isn’t yet complete and the final figures could change, said the people, asking not to be identified because the information isn’t public.
Founded in 2012 and led by Chief Executive Officer Terence Kwok, Tink Labs has more than doubled its staffing to more than 300 people over the past year. The financing will go towards staff and expansion costs, and is targeting family offices and institutional investors. In September, Tink Labs raised $125 million at a valuation of more than $500 million, with backing from Foxconn Technology Group, Kai-Fu Lee’s Sinovation Ventures and Cai Wensheng, chairman of Meitu Inc.
While China has an ever-growing bevy of so-called unicorns, Hong Kong startups have been absent from the list, according to data compiled by CB Insights. Hong Kong doesn’t have a single startup valued at $1 billion-plus, even though it has an advanced economy that’s considered one of Asia’s financial capitals. That dearth stems partly from a cultural norm that favors stable jobs in established companies rather than risky go-it-alone propositions. At the same time, businesses often targeted by startups -- such as retail -- are controlled by a handful of local billionaires and their conglomerates.
More details in https://www.bloomberg.com/news/articles/...on-startup
Specuvestor: Asset - Business - Structure.
