Hong Kong might soon get its first billion US dollar startup, thanks to a 25-year-old entrepreneur whose firm leases phones to travelers.
Tink Labs Ltd is in the process of raising about US$40 million and aiming for a valuation of more than US$1 billion, according to people familiar with the matter.
The fundraising is not yet complete and the final figures could change, said the people, asking not to be identified because the information is not public.
Founded in 2012 and led by chief executive officer Terence Kwok (郭頌賢), 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 last year, Tink Labs raised US$125 million at a valuation of more than US$500 million, with backing from Foxconn Technology Group (富士康科技集團), Lee Kai-fu’s (李開復) Sinovation Ventures (創新工場) and Cai Wensheng (蔡文勝), chairman of Meitu Inc (美圖).
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 does not have a single startup valued at US$1 billion-plus, even though it has an advanced economy that is 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.
Tink Labs, which puts smartphones in hotel rooms, is aiming to be available in 1 million rooms by next year, according to documents seen by Bloomberg.
The company’s phones can be used by hotel operators to promote their services, either in the room or when taken out by guests as a free-to-use city guide and mobile device.
The startup has about 120,000 smartphones, named Handy, installed in hotel rooms operated by major groups, including Starwood and Accor, and marquee locations such as The Ritz, London.
“Obviously they have some challenges because it’s not suited for every hotel,” Lee said. “Within China, travelers probably don’t have as much to gain. So it’s ideally suited for Hong Kong, Singapore, Switzerland and countries like that.”
Foxconn, which invested via FIH Mobile Ltd (富智康), is working with Tink to provide a new version of its smartphone.
SEEKING CLARITY: Washington should not adopt measures that create uncertainties for ‘existing semiconductor investments,’ TSMC said referring to its US$165 billion in the US Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) told the US that any future tariffs on Taiwanese semiconductors could reduce demand for chips and derail its pledge to increase its investment in Arizona. “New import restrictions could jeopardize current US leadership in the competitive technology industry and create uncertainties for many committed semiconductor capital projects in the US, including TSMC Arizona’s significant investment plan in Phoenix,” the chipmaker wrote in a letter to the US Department of Commerce. TSMC issued the warning in response to a solicitation for comments by the department on a possible tariff on semiconductor imports by US President Donald Trump’s
‘FAILED EXPORT CONTROLS’: Jensen Huang said that Washington should maximize the speed of AI diffusion, because not doing so would give competitors an advantage Nvidia Corp cofounder and chief executive officer Jensen Huang (黃仁勳) yesterday criticized the US government’s restrictions on exports of artificial intelligence (AI) chips to China, saying that the policy was a failure and would only spur China to accelerate AI development. The export controls gave China the spirit, motivation and government support to accelerate AI development, Huang told reporters at the Computex trade show in Taipei. The competition in China is already intense, given its strong software capabilities, extensive technology ecosystems and work efficiency, he said. “All in all, the export controls were a failure. The facts would suggest it,” he said. “The US
The government has launched a three-pronged strategy to attract local and international talent, aiming to position Taiwan as a new global hub following Nvidia Corp’s announcement that it has chosen Taipei as the site of its Taiwan headquarters. Nvidia cofounder and CEO Jensen Huang (黃仁勳) on Monday last week announced during his keynote speech at the Computex trade show in Taipei that the Nvidia Constellation, the company’s planned Taiwan headquarters, would be located in the Beitou-Shilin Technology Park (北投士林科技園區) in Taipei. Huang’s decision to establish a base in Taiwan is “primarily due to Taiwan’s talent pool and its strength in the semiconductor
French President Emmanuel Macron has expressed gratitude to Hon Hai Precision Industry Co (鴻海精密) for its plan to invest approximately 250 million euros (US$278 million) in a joint venture in France focused on the semiconductor and space industries. On his official X account on Tuesday, Macron thanked Hon Hai, also known globally as Foxconn Technology Group (富士康科技集團), for its investment projects announced at Choose France, a flagship economic summit held on Monday to attract foreign investment. In the post, Macron included a GIF displaying the national flag of the Republic of China (Taiwan), as he did for other foreign investors, including China-based
RSS