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South China Morning Post
24-04-2025
- Business
- South China Morning Post
Tech firms thrive in cross-border Hong Kong and Shenzhen innovation hub
Information Technology companies operating within an innovation hub jointly developed by Hong Kong and Shenzhen have said that their office location allowed them to gain a competitive edge through cheaper rents, subsidies for innovation and easier access to talent. Advertisement The Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, an initiative proposed by Beijing in 2017, comprises two areas separated at the border, with Hong Kong contributing 87 hectares (215 acres) and its mainland Chinese city offering 302 hectares. The zone is aimed at attracting talent, creating wealth and transforming strategic industries. 'We ultimately established our office in the Hetao [Shenzhen area] after considering various cities in Guangdong Province, due to its geographic advantages, close ties to Hong Kong, and a wealth of talent,' said Zhou Jun, vice-president of Towngas Smart Energy and also head of the technology application centre at the Hong Kong and China Gas Company. He added that Shenzhen had a large pool of young talent, and that the atmosphere for start-ups was vibrant. Advertisement He said establishing offices in Hetao offered numerous benefits. Citing his own company as an example, he explained that they received support from the Shenzhen government in the form of relatively lower office rental rates compared to market prices He also added that they received a subsidy of 10 million yuan (US$1.37 million) for research and development from the Shenzhen government.
South China Morning Post
24-04-2025
- Business
- South China Morning Post
Tech firms thrive in cross-border Hong Kong and Shenzhen innovation hub
Information Technology companies operating within an innovation hub jointly developed by Hong Kong and Shenzhen have said that their office location allowed them to gain a competitive edge through cheaper rents, subsidies for innovation and easier access to talent. Advertisement The Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, an initiative proposed by Beijing in 2017, comprises two areas separated at the border, with Hong Kong contributing 87 hectares (215 acres) and its mainland Chinese city offering 302 hectares. The zone is aimed at attracting talent, creating wealth and transforming strategic industries. 'We ultimately established our office in the Hetao [Shenzhen area] after considering various cities in Guangdong Province, due to its geographic advantages, close ties to Hong Kong, and a wealth of talent,' said Zhou Jun, vice-president of Towngas Smart Energy and also head of the technology application centre at the Hong Kong and China Gas Company. He added that Shenzhen had a large pool of young talent, and that the atmosphere for start-ups was vibrant. Advertisement He said establishing offices in Hetao offered numerous benefits. Citing his own company as an example, he explained that they received support from the Shenzhen government in the form of relatively lower office rental rates compared to market prices He also added that they received a subsidy of 10 million yuan (US$1.37 million) for research and development from the Shenzhen government.
South China Morning Post
14-03-2025
- Business
- South China Morning Post
Towngas Smart Energy's 2024 profit rises as bets on China's renewable energy pay off
Towngas Smart Energy reported a profit increase last year amid a slowing economy, as the subsidiary of Hong Kong's sole gas provider reaped the benefits from its investments in renewable energy in mainland China. Advertisement Net profit rose 2 per cent from a year earlier to HK$1.6 billion (US$206 million), the company said in a Hong Kong stock exchange filing on Friday. Revenue increased 7.4 per cent from 2023 to HK$21.3 billion last year. Its core operating profit surged 34.5 per cent to HK$1.6 billion, benefiting from the strong performance of its renewable energy business and the steady profit growth in its gas business owing to the 'favourable cost pass-through outcomes', the company said. Full-year net profit for the renewable energy business soared fivefold to HK$479 million, it said. 'We are delighted [that] the company has achieved such great performance under the current operating environment,' CEO Peter Wong Wai-yee said during an earnings call. 'We expect our renewable energy business to be developed in an orderly manner with double digits increase going forward.' Towngas CEO Peter Wong Wai-yee. Photo: Jonathan Wong The company declared a final dividend of HK$0.16 per share and a one-off special dividend of HK$0.03 per share 'in light of encouraging performance of the renewable energy business', it said. That represents an increase of 18.8 per cent compared with last year.
