0xCUHK: A Comprehensive Interpretation of Hong Kong Cyberport's Web3 Support Policies

Author: 0xCUHK

On December 20, 0xCUHK launched a Twitter Space event to provide a panoramic interpretation of Hong Kong's Cyberport Web3 policy and explore the development paths for global entrepreneurs in Hong Kong.

0xCUHK specially invited several industry experts from Hong Kong, all of whom have deep connections with The Chinese University of Hong Kong, including Mr. Chan Ka Ho, Co-Chairman of the Hong Kong Digital Finance Association and Cyberport Admission Judge, Ms. Li Yizheng, Senior Manager of Financial Technology at Cyberport, Professor Lau Wai Sin, Founder of the CUHK Alumni Entrepreneurship Foundation, Professor Cai Wei, Assistant Professor at CUHK (Shenzhen), Dr. Wu Weiliang, CEO of a Hong Kong virtual asset exchange, and Ms. Karin, Executive Vice President of Talent and Expertise Company. They were joined by 0xCUHK founder, Cyber PR CEO and Secretary General of the Hong Kong Blockchain Association Alma, and Sally, Vice President of TsingTech Ventures, as co-hosts. Together, they decoded Hong Kong's new policies and explored the opportunities and challenges in the Hong Kong Crypto market after regulatory measures are implemented.

Ms. Li Yizheng, Senior Manager of Financial Technology at Cyberport, introduced the audience to the basic situation of Cyberport, which is an innovative digital community that brings together over 1,900 startups and tech companies, including more than 800 resident enterprises. Animoca Brands and Hashkey are both startups within the Cyberport community.

Startups can settle in Cyberport through various means, including applying for Cyberport's CCMF program and incubation program, or directly renting shared workspaces or offices at Cyberport. Cyberport has been leading the development of Web3, and the POW'ER Hong Kong Web3 Innovators Summit will be held at Cyberport in January next year.

Figure 1 Ms. Li Yizheng

Mr. Chan Ka Ho, Co-Chairman of the Hong Kong Digital Finance Association and Cyberport Admission Judge, shared the evaluation criteria for Web3 entrepreneurial projects. First, innovation accounts for 30%, which requires assessing whether there are too many similar projects currently; second, applicability accounts for 30%, whether the project can bring value to Hong Kong rather than being unrealistic; third, self-drive accounts for 30%, whether the team has been operating stably for a period of time; finally, social responsibility accounts for 10%, whether the project has a sense of social responsibility.

Mr. Chan believes that if it is a newly established team, they can first apply for CCMF and then apply for the incubation program after being selected. He stated that starting a Web3 business in Hong Kong will not be affected by mainland policies, and that Hong Kong's move towards becoming a global virtual asset innovation center is a long-term plan.

Figure 2 Mr. Chan Ka Ho

Dr. Wu Weiliang, CEO of a Hong Kong virtual asset exchange and also a member of the first phase of the Cyberport incubation program, shared the Hong Kong government's attitude towards virtual asset licenses. During the Hong Kong FinTech Week, Hong Kong issued the "Virtual Asset Policy Declaration" expressing its determination to transform into a digital financial center. Since the issuance of the declaration, the Hang Seng Index has risen from 15,000 points to today's 20,000 points, reflecting the market's confidence and support for Hong Kong's transformation.

He mentioned that in January next year, the Hong Kong Legislative Council will have consultations on legislation related to virtual assets, further improving the regulatory framework for the crypto industry in Hong Kong, and there is hope to relax the listing standards for virtual assets, allowing some virtual asset products to be open to all traders. Dr. Wu also called during the space that Hong Kong still lacks technical talents such as developers, and hopes that more talents will come to Hong Kong to participate in the construction and development of Web3.

Figure 3 Dr. Wu Weiliang

Professor Lau Wai Sin, Founder of the CUHK Alumni Entrepreneurship Foundation, recommended that by applying for a master's or MBA program, graduates can automatically obtain a work visa in Hong Kong to start a business. Professor Lau is also promoting deep cooperation between CUHK and the Big Four and Cyberport, with more favorable policies to be brought to CUHK entrepreneurs in the future. Professor Cai Wei from CUHK (Shenzhen) mentioned that according to the new policy, graduates from universities in the Greater Bay Area, such as CUHK (Shenzhen) and Hong Kong University of Science and Technology (Guangzhou), can also apply for the IANG visa to work in Hong Kong after graduation. Both professors mentioned that Hong Kong's Web3 has a more international perspective, with more possibilities and broader application scenarios.

This event was co-hosted by Alma, Secretary General of the Hong Kong Blockchain Association and CEO of Cyber PR, and Sally, Vice President of TsingTech Ventures. Ms. Alma warmly welcomed and sincerely thanked the guests attending the event. She pointed out that with talent from the mainland backing Hong Kong, guided by the new policy declaration, and with strong support from many incubation institutions represented by Cyberport, Hong Kong will surely become the future capital of crypto applications.

Ms. Sally expressed her delight to gather CUHK's strength in Web3 through the 0xCUHK platform and hopes that CUHK members can become the backbone of the current crypto wave in Hong Kong.

About 0xCUHK: It is a Web3 and blockchain association established on the ecosystem of current students and alumni of The Chinese University of Hong Kong and CUHK (Shenzhen). The members of the association are all CUHK alumni with rich experience in the Web3 and blockchain industry in terms of employment, investment, and entrepreneurship, and have received strong support from the CUHK Innovation and Entrepreneurship Center and the Hong Kong Blockchain Association.

The association is working to promote the production, learning, and research activities of The Chinese University of Hong Kong and the surrounding ecosystem and talents in the field of Web3.0 and blockchain, focusing on cultivating and building a group of outstanding CUHK entrepreneurs and professionals in the field of Web3.0 and blockchain, and cooperating with the Hong Kong SAR government to jointly lead the industry to land, develop, and prosper in Hong Kong. The association aims to grow into Asia's leading intercollegiate Web3.0 and blockchain association and to become one of the top institutions in the world in terms of depth of value, breadth of influence, and richness of organization.

About Cyberport: Cyberport is an innovative digital community that brings together over 1,900 community enterprises, including more than 800 resident and 1,000 non-resident startups and tech companies, managed by the Hong Kong Cyberport Management Company Limited, which is wholly owned by the Hong Kong SAR government. Cyberport's vision is to become a digital technology hub, creating new economic momentum for Hong Kong. Cyberport is committed to creating a vibrant innovation and technology ecosystem by nurturing tech talents, encouraging young people to start businesses, and supporting startups; promoting the development of the tech industry through collaboration with local and international strategic partners; and accelerating the adoption of digital technology by public and private institutions to drive the integration of the new economy and traditional economy.

Appendix:

The Cyberport Incubation Programme provides comprehensive entrepreneurial support to help entrepreneurs and startups accelerate business growth. In addition to receiving comprehensive entrepreneurial support from Cyberport, incubated companies can also receive financial assistance of up to HKD $1 million during the 24-month incubation period to support business development. Incubated companies can choose to become resident or non-resident companies at Cyberport. After joining the Cyberport Incubation Programme, Cyberport also provides a one-stop entrepreneurial support platform to promote the development of digital technology entrepreneurs.

Application Requirements

* A viable business plan, with products/services that can be marketed within 12 to 18 months

* Applicants must be a technology limited company registered (or in the process of being registered*) in Hong Kong and established for less than 7 years by the application deadline of this incubation program

* The founding team of the company must hold more than 51% of the company's shares or have control of the company

Evaluation Criteria

* Market feasibility along with milestone plans and contributions to the Cyberport strategic group

* Quality and capability of the project management team

* Scalability of the business

* Whether the prototype or secure design product addresses real problems

* Innovation

Evaluation Process

The next recruitment (May 2023 recruitment) application deadline is April 3, 2023. Applicants must complete and submit the application form through the online system. Before submitting the application, please refer to the application guidelines and notes for the Cyberport Incubation Programme (available in English only).