Unicorn Companies in Hong Kong in 2024

• Valuation: $1.35B
• Industry: Financial Services
• Investors: Breyer Capital, Hedosophia
• Unicorn Milestone Date: 08/07/2018 

About

Klook, founded in 2014 and headquartered in Hong Kong, is a leading online platform for booking travel experiences, activities, and services. It aims to make travel seamless and enjoyable by offering a wide range of options in over 2,700 destinations worldwide. Klook connects users with unique experiences, from local tours to international attractions, and has raised over $900 million in funding, establishing itself as a unicorn in the travel industry. As one of the prominent unicorn companies in Hong Kong, Klook exemplifies the city’s thriving startup ecosystem.

Target Audience

Klook primarily targets:

• Young Travelers: Aged 18-44, tech-savvy, and seeking personalised and unique travel experiences.
• Families: Looking for family-friendly activities and services that cater to both adults and children.
• Gen Z and Millennials: These groups are particularly focused on travel experiences and are willing to spend significantly on travel.

Business Model

Klook operates on a commission-based business model, earning between 15% and 25% on activities booked through its platform. The company addresses several industry problems:

• Fragmentation: By providing a centralised platform for booking diverse travel activities.
• Price Transparency: By negotiating directly with local operators to offer exclusive deals and significant discounts.
• Instant Booking: By enabling immediate ticketing for popular attractions, catering to spontaneous travellers.

Key Offerings

• Attractions and Tours: Tickets to popular tourist destinations and guided tours.
• Local Experiences: Unique local activities and cultural experiences.
• Transportation: Car rentals, rail passes, and airport transfers.
• Accommodation: Hotel bookings and staycation deals.
• Travel Essentials: WiFi devices, SIM cards, and travel insurance.

Key Management

• Eric Gnock Fah: Co-founder and COO
• Ethan Lin: Co-founder and CEO
• Bernie Xiong: Co-founder and CTO

Investment Timeline

• 2015: Completed a $1.5 million seed round led by Tencent.
• 2023: Raised over $900 million in total funding.

• Valuation: $1.30B
• Industry: Financial Services
• Investors: OKX Ventures
• Unicorn Milestone Date: 01/16/2024

About

HashKey Group, established in 2018, is a leading digital asset financial services group based in Hong Kong. It has achieved unicorn status with a valuation exceeding $1.2 billion following a $100 million Series A funding round. The company operates a comprehensive Web3 ecosystem and provides a wide range of services across the digital asset landscape, including cryptocurrency trading, asset management, and blockchain infrastructure. HashKey is known for its compliance with regulatory standards in multiple jurisdictions, including licenses from the Securities and Futures Commission of Hong Kong (SFC), the Monetary Authority of Singapore (MAS), and the Financial Services Agency of Japan (FSA).

Target Audience

HashKey Group primarily targets:

• Professional investors
• Family offices
• Financial institutions
• Accredited investors
• Institutional investors

Business Model

HashKey Group's business model revolves around providing end-to-end digital asset financial services. This includes

• Trading Services: Operating licensed virtual asset exchanges in Hong Kong and globally.
• Asset Management: Offering investment opportunities in blockchain technology and digital assets through HashKey Capital.
• Wealth Management: Providing bespoke wealth management solutions under the brand HashKey Wealth, catering to professional and accredited investors.
• Advisory and Tokenisation: Advising on and executing the tokenisation of various assets.
• Blockchain Infrastructure: Delivering blockchain node validation services and Web3 infrastructure solutions.
• Regulatory Compliance: Ensuring all services adhere to the highest compliance standards across multiple regulatory frameworks.

Key Offerings

• HashKey Exchange: Licensed virtual asset exchange.
• HashKey Capital: Global asset management investing in blockchain technology and digital assets.
• HashKey Wealth: Wealth management platform for professional investors.
• OTC Trading: Enhanced Over-the-Counter trading services with deep liquidity.
• Tokenisation Services: Execution of asset tokenisation.
• Blockchain Node Validation: Leading provider of node validation services.
• Web3 Infrastructure: Comprehensive Web3 solutions through HashKey Cloud.

Key Management

• Dr. Xiao Feng: Chairman & CEO
• Deng Chao: HashKey Singapore Executive President & HashKey Capital CEO
• Livio Weng: Group Chief Operating Officer & HashKey Exchange CEO
• Leo Li: CEO of HashKey Cloud

Investment Timeline

• January 2024: HashKey Group raised nearly $100 million in a Series A funding round, which valued the company at over $1.2 billion.

• Valuation: $2B
• Industry: Financial Services
• Investors: Dragonfly Capital, BAI Capital, 10T Fund
• Unicorn Milestone Date: 5/25/2022

About

Babel Finance is a Hong Kong-based unicorn startup specialising in providing comprehensive crypto financial services. It reached unicorn status in 2022 after raising $80 million in a Series B funding round, which valued the company at $2 billion. Founded in 2018, Babel Finance focuses on crypto asset lending and trading, catering primarily to institutional clients and high-net-worth individuals. As one of the notable unicorn companies in Hong Kong, Babel Finance showcases the city’s dynamic and innovative financial technology sector.

Target Audience

• Institutional clients, including crypto-native institutions
• Traditional financial institutions such as banks and investment funds
• Ultra-high-net-worth investors and family offices

Business Model

Babel Finance operates as a crypto financial services provider, focusing on institutional and high-net-worth clients. Its business model revolves around offering a range of financial services that include:

• Crypto Asset Lending: Providing credit and collateral loans backed by Bitcoin, Ethereum, and stablecoins, allowing clients to access liquidity without selling their crypto assets.
• Trading Services: Facilitating large-scale trading of cryptocurrencies and derivatives, including options and futures.
• Asset Management: Offering tailored investment strategies and portfolio management services for digital assets.
• Brokerage Services: Acting as an intermediary in buying and selling crypto assets, ensuring best execution practices for large transactions.

Key Offerings

• Crypto Asset Lending: Credit and collateral loans backed by Bitcoin and other mainstream cryptocurrencies.
• Trading Services: High-volume trading of cryptocurrencies and derivatives.
• Asset Management: Customised investment strategies and portfolio management for digital assets.
• Brokerage Services: Facilitating large transactions with best execution practices.

Key Management

• Del Wang: Co-founder and CEO
• Flex Yang: Co-founder (former CEO, stepped down in 2021)
• Shanshan Yu: CEO of Babel Asia (new entity targeting global mainstream investors)

Investment Timeline

• 2021: Series A round, raised $40 million
• 2022: Series B round, raised $80 million, reaching a $2 billion valuation
• 2022: Loan funding round, raised $48 million

• Valuation: $2B
• Industry: Consumer & Retail
• Investors: L Capital Partners
• Unicorn Milestone Date: 2/13/2012

About

Trendy Group International is a fashion and lifestyle company based in Hong Kong that achieved unicorn status in 2012 with a $2 billion valuation. Founded in 1999, it has grown into a multi-brand fashion conglomerate operating over 3,000 retail stores across China. The company focuses on designing, manufacturing, and marketing fashion apparel products, including casual wear, jeans, and luxury fashion items.

Target Audience

Trendy Group International primarily targets young, fashion-conscious consumers in China and other Asian markets. Its various brands cater to different segments within this demographic, offering products for women, men, and children.

Business Model

Trendy Group International operates as a vertically integrated fashion retailer. The company designs and develops its own branded products, controls the manufacturing process, and sells directly to consumers through its extensive network of retail stores and e-commerce platforms. This model allows for greater control over the entire value chain, from design to distribution.

The company has pursued a multi-brand strategy, creating and acquiring various fashion labels to appeal to different market segments. It has also expanded through strategic partnerships and investments, such as its joint venture with Italy's Sixty Group to operate brands like Miss Sixty in the Asia-Pacific region.

Key Offerings

• Ochirly: Women's fashion brand
• Five Plus: Another women's fashion label
• Trendiano: Menswear brand
• Love Ysabel: Children's clothing line
• Miss Sixty, Killah, and Energie: International brands operated in Asia through joint venture

Key Management

• Jacky Xu: Founder and Chief Executive Officer

Investment Timeline

• December 2, 2011: Raised $200 million in a Private Equity round from L Capital Asia, valuing the company at approximately $2 billion

• Valuation: $1B
• Industry: Financial Services
• Investors: Sequoia Capital China, ING, Alibaba Entrepreneurs Fund
• Unicorn Milestone Date: 11/08/2017

About

WeLab is a Hong Kong-based financial technology (fintech) company founded in 2013 by Simon Loong, Kelly Wong, and Frances Kang. WeLab operates one of the first licensed digital banks in Asia, WeLab Bank, and provides a variety of online financial services including consumer financing and digital banking. The company leverages advanced technologies such as AI, big data analytics, and proprietary risk management systems to offer innovative financial solutions across Hong Kong, Mainland China, and Indonesia. As one of the emerging unicorn companies in Hong Kong, WeLab exemplifies the city's strong presence in the fintech sector and its commitment to technological advancement.

Target Audience

• Retail Individuals: Consumers looking for mobile-based financial products such as loans, savings accounts, and investment services.
• Enterprise Customers: Businesses seeking technology solutions to launch their own fintech services or enhance their financial operations.
• Underbanked Populations: Particularly in regions like Indonesia where a significant portion of the population lacks access to traditional banking services.
  

Business Model

WeLab's business model revolves around providing digital financial services through both consumer-facing and enterprise solutions. The company operates in several key areas:

• Digital Banking: Through WeLab Bank, it offers a range of banking services including savings accounts, loans, and digital wealth management solutions.
• Consumer Financing: WeLab provides online lending services via platforms like WeLend in Hong Kong and Wolaidai in Mainland China.
• B2B Solutions: The company offers technology solutions to other businesses, enabling them to integrate fintech capabilities into their operations.
• Partnerships and Acquisitions: WeLab collaborates with global financial institutions and has acquired traditional banks like Bank Jasa Jakarta to expand its digital banking footprint in Southeast Asia.

Key Offerings

• WeLab Bank: A fully digital bank offering savings accounts, loans, and investment services.
• GoWealth: A digital wealth advisory solution in collaboration with Allianz Global Investors.
• WeLend: An online consumer credit platform in Hong Kong.
• Wolaidai: A consumer lending platform in Mainland China.
• Bank Jasa Jakarta (BJJ): A traditional bank in Indonesia being transformed into a digital bank.

Key Management

• Simon Loong: Founder and Group CEO
• Ernest Leung: President and Group Chief Operating Officer
• Prof. Chan Ka Keung Ceajer: Chairman of the Board of Directors

Investment Timeline

• Series A: Raised $20 million in January 2015.
• Series B: Raised $160 million in January 2016.
• Series B-II: Raised $220 million in November 2017.
• Series C: Raised $156 million in late 2019.
• Series C1: Raised $75 million in March 2021.
• Latest Funding: Loan of $260 million in October 2023.
• Total Raised: $1.156 billion.

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: Andreessen Horowitz, DST Global, IDG Capital
• Unicorn Milestone Date: 09/02/2021

About

Cider is a fast-fashion e-commerce platform founded in 2020 by Michael Wang in Hong Kong. The company focuses on providing trendy, affordable clothing and accessories for women, with a particular emphasis on inclusivity, offering sizes from XXS to 4XL. Cider's business model is inspired by other fast-fashion giants like Shein, but it differentiates itself by leveraging a marketplace of global factories to offer a wide selection of styles at competitive prices, all while aiming to minimise waste.

Target Audience

Cider primarily targets young trendsetters and the Gen Z demographic. This audience is drawn to the brand's trendy, affordable fashion options and its inclusive sizing. Cider's marketing strategies, including live shopping events and social media engagement, are designed to resonate with this tech-savvy and trend-conscious group.

Business Model

Cider operates on a direct-to-consumer (DTC) e-commerce model, selling its products exclusively online. The company employs several key strategies to drive growth and engagement:

• Drops: Limited-time product releases that create hype and urgency.
• Live Shopping: Interactive livestreams where hosts showcase new styles and offer discounts.
• Discounts and Promotions: Regular discounts to attract and retain customers.
• Social Media Integration: Use of Instagram-like features and community building to engage users.
• Global Factory Network: A marketplace of global factories allows Cider to offer a wide variety of styles at low prices, similar to Zara but with the affordability of Forever 21.

Key Offerings

• Everyday wear
• Swimwear
• Accessories
• Inclusive sizing (XXS to 4XL)
• Themed collections (e.g., "Feeling Cute," "Feeling Romantic")

Key Management

• Michael Wang: Founder and CEO
• Yu Oppel: Co-Founder and Chief Marketing Officer
• Yu Wu: Co-Founder

Investment Timeline

• Series B: Raised $130 million

• Valuation: $1.70B
• Industry: Financial Services
• Investors: HongShan, Horizons Ventures, Lenovo Capital and Incubator Group
• Unicorn Milestone Date: 08/02/2023

About

Micro Connect is a financial technology startup founded in Hong Kong in 2021 by Charles Li, with the support of prominent figures such as Li Ka-shing and Adrian Cheng. The company focuses on connecting global capital with micro and small businesses across mainland China through an innovative revenue-sharing investment and financing model. Micro Connect operates the Micro Connect (Macao) Financial Assets Exchange (MCEX), the world's first licensed exchange for daily revenue shares. As one of the promising unicorn companies in Hong Kong, Micro Connect highlights the city's role in fostering cutting-edge financial solutions and supporting small business growth.

Target Audience

• Micro and Small Businesses: Particularly those in the Food & Beverage, Retail, Services, and Culture & Sports sectors in mainland China.
• Global Professional Investors: Investors seeking diversified exposure to the daily cash flows of small businesses in China’s consumer economy.

Business Model

Micro Connect's business model revolves around its proprietary revenue-sharing asset class called Daily Revenue Obligations (DROs). These DROs allow investors to gain direct exposure to the daily revenue streams of small businesses without the businesses taking on additional debt. The model provides:

• Revenue Sharing: Businesses share a portion of their daily revenue with investors, providing a transparent and consistent return.
• Investment Platform: The Micro Connect (Macao) Financial Assets Exchange (MCEX) facilitates the trading of DROs, offering liquidity and efficiency for investors.
• Accessibility to Capital: Small businesses can access affordable, long-term capital, which is crucial for their growth and sustainability.
• Impact Investing: The model supports economic growth and job creation in China, aligning with broader social and economic goals.

Key Offerings

• Daily Revenue Obligations (DROs): Tradable assets representing a share of a store's daily revenue.
• Investment Platform: MCEX, the licensed exchange for trading DROs.
  Structured Product Solutions: Financial products tailored to meet the needs of both investors and small businesses.
• Fund Platform: Facilitates investments and provides a diversified portfolio of revenue-sharing assets.

Key Management

• Charles Li: Founder and Chairman. Former CEO of Hong Kong Exchanges and Clearing.
• Gary Zhang: Co-founder and CEO. Also co-founder of Oriental Patron Financial Group.

Investment Timeline

• March 2023: Secured $70 million in a Series B funding round with investors including ABC International, Chuang’s Capital, Horizons Ventures, and Sequoia China.