A Hong Kong-funded accelerator was established in Shenzhen on Thursday, with the aim of helping Hong Kong startups develop on the Chinese mainland.
ParticleX, as the accelerator is known, is funded by Shine Works Investment, which was set up by Hong Kong retail enterprise Belle International's founder Tang Yiu.
"We hope to create a vibrant and strong entrepreneurial ecosystem between Shenzhen and Hong Kong, helping Hong Kong startups explore the vast mainland market," Clement Tang, founding partner of ParticleX and son of Tang Yiu, said.
The accelerator will focus on developing promising Hong Kong startups in several sectors, including hardware, artificial intelligence and blockchain, providing them with funds, legal assistance and training.
"We will mainly play the role of startups' early investors. We are going to pour $100,000 to $200,000 in seed round for each startup to help them grow," the younger Tang said, adding that the accelerator plans to invest in 30 to 40 startups each year.
He also believes students are an important group for further activating an entrepreneurial atmosphere in the region.
Therefore, ParticleX has teamed up with The Graduate School at Shenzhen, Tsinghua University, in setting up a joint teaching base in the city.
"Cultivating talents in the Guangdong-Hong Kong-Macao Greater Bay Area should start from students. If students can learn in an entrepreneurial environment, we can create a better ecosystem of entrepreneurship," Clement Tang said.
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