71% of start-ups in GBA expect revenue growth within 3 years

Revenue growth was most expected by Biotechnology start-ups (30%).

About 71% of 308 start-ups in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are optimistic that their annual revenue will grow more than 25% in the next three years, a joint survey by Hong Kong Trade Development Council (HKTDC) and HSBC found.

Amongst those expecting growth, Biotechnology start-ups expressed the most optimism, with nearly 30% anticipating their revenue to double in the next three years.

Meanwhile, 18% of those surveyed said they expect their revenue to grow more than double within three years.

Aside from revenue, about 30% of start-ups also expressed optimism on expansion.

The survey found that Hong Kong start-ups are eyeing opportunities in Shenzhen, whilst mainland start-ups are planning to tap into Guangzhou and Zhongshan.

Start-ups said expansion plans are usually hampered by inadequate funds (56%), market uncertainty (31%), and keen market competition (31%).

To support expansion plans, start-ups have put funding as their top agenda with 80% saying they will use Hong Kong services, mostly baking, in the next three years.

The Hong Kong banking services most used by respondents were trade-related services (36%) such as import and export financing, insurance claims, and letters of credit.