The source text is in Chinese. This English version is for reference only. In case of any discrepancy between this English version and the Chinese version, the Chinese version shall prevail.  

For a Chinese enterprise venturing overseas, the first decision is often not which market to enter, but which city to launch from. And that choice increasingly narrows to Hong Kong or Singapore.

Both offer deep capital markets, common law systems and Chinese-speaking talent. Both want to be the trusted first stop. But a gap has emerged – not in what the two cities offer on paper, but in how they treat the enterprises they both want.

What does a “launch pad” deliver? It is where a Chinese enterprise establishes its regional headquarters, deploys capital through offshore accounts, coordinates cross-border supply chains and validates business models before expanding into the Middle East or Southeast Asia. The destination may vary. The need for a trusted guide does not.

Consider how Singapore welcomes a newcomer. A tech founder from Shenzhen flies into Changi airport, visits the Economic Development Board (EDB) and within an hour, an officer is orchestrating his entry. The officer lines up exactly which agencies he needs to see. This is the “no wrong door” experience: a single-entry point that holds the entrepreneur’s hand through every step. Enterprises never feel lost.

The contrast lies in the details. The EDB’s Professional Services Partner Guide is a road map split into two sections: “Developing in Singapore” and, more importantly, “Expanding into Southeast Asia”. The founder can not only find a local tax adviser but also see which firms can support his move to Bangkok or Jakarta. Singapore is ready for his next move before he has even set foot in the country.

In Hong Kong, the contrast is stark. Last year, the government launched the GoGlobal Task Force, bringing together multiple bureaus, public organisations and professional bodies. On paper, it looks like a war room. In practice, for an entrepreneur in Beijing or Shanghai, it looks like a labyrinth. Which of the many agencies should he contact? The pieces are all on the table, but we have failed to build the machine.

Hong Kong offers a step-by-step guide for mainland investors and last December introduced its Collection of Success Stories – this is useful information but it documents the past rather than guides the future.

Yet Hong Kong holds advantages Singapore cannot replicate.

For example, our dense, chaotic urban environment is not a flaw; it is an invaluable living laboratory for innovation. Where Singapore’s orderly streets offer controlled conditions, Hong Kong’s complexity forces real-world problem-solving. A drone that can navigate Mong Kok can fly anywhere. When Hong Kong embeds the know-how from these tests into international standards, it gives enterprises a head start in markets across Asia and beyond.

The gap between Hong Kong and Singapore is not a capability gap but a service design gap.

So what would it take for Hong Kong to reclaim its position? A company’s global expansion journey that starts from Hong Kong unfolds across four stages. Here is how we compete.

At the connecting-with-Hong-Kong stage, enterprises need a clear front door. We must stop presenting a task force and start presenting a single face. The GoGlobal Task Force should designate a lead agency – InvestHK is the obvious candidate – as the dedicated entry point. One coordinator. End-to-end guidance. No more mazes.

At the establishing-in-Hong-Kong stage, enterprises need practical guidance. Transform the step-by-step investing guide into an interactive tool, linked directly to public resources and showcasing the city’s key advantage metrics. This will make the set-up process seamless and build confidence.

At the developing-in-Hong-Kong stage, leverage our dense urban environment as a unique asset. Expand sandbox testing programmes across downtown and the Northern Metropolis. Then embed the resulting Hong Kong know-how into more international standards, giving enterprises a first-mover advantage when they export their solutions.

And finally, at the expanding-via-Hong-Kong stage, build the bridge that enterprises did not know they needed. Create a directory showcasing which Hong Kong service providers can support enterprises in Belt and Road Initiative countries and beyond. This transforms Hong Kong from a mere launch pad into an overseas umbrella, sheltering and guiding enterprises as they navigate unfamiliar markets.

The rise of Chinese enterprises going global is the economic story of this decade. They are not looking for a middleman, but a partner who can guide them through every stage of their journey.

Singapore understood this years ago and built a system accordingly. Hong Kong has the pieces: the GoGlobal Task Force, urban density and the Northern Metropolis. What we lack is the design, i.e., the will to assemble these pieces into something greater than the sum of their parts.

The gap is bridgeable. But bridges do not build themselves.

The question is not whether Hong Kong can compete. The question is whether we still have the will to build – before the next wave of Chinese enterprises chooses their partner elsewhere.