AI-related initial public offerings (IPOs) in Hong Kong raised nearly HK$100 billion (US$12.75 billion) between December last year and May this year, accounting for about 55% of total IPO funds raised during the period, said Hong Kong Special Administrative Region (HKSAR) Financial Secretary Paul Chan.
Chan said the rapid development of artificial intelligence (AI) in China had provided a significant boost to Hong Kong’s economy and financial markets, Xinhua reported.
In a blog post, he said strong global demand for advanced electronics and AI-related products had also driven Hong Kong’s exports to record double-digit growth for several consecutive quarters, helping economic growth in the first half of the year exceed initial expectations.
Against this backdrop, Chan said the benefits of AI adoption could extend further across the local economy. Citing a report by a multinational technology company, he said small and medium-sized enterprises (SMEs) catching up with larger firms in AI adoption by 2035 could generate up to HK$65 billion in economic benefits for Hong Kong.
At the same time, Chan stressed that the city must strengthen preparations to address the challenges that increasingly advanced technologies could pose to the labour market.
