TechFlow news: Hong Kong Cyberport CEO Simon Chan stated that since the government issued its virtual asset policy statement at the end of last October, more than 180 Web3 companies have joined to build the ecosystem. The number of companies continues to grow at a healthy pace, with most focusing on application areas such as financial services and lifestyle entertainment. Among them, over 20 companies are engaged in Web3-related technologies like data analytics, and more than 10 are blockchain infrastructure firms.
Chan noted that while most new companies joining Cyberport originate from overseas, many are actually founded by ethnic Chinese. He acknowledged that Hong Kong's digitalization progress lags behind other regions but expressed hope that Hong Kong could leap forward—such as through launching the CyberWallet—and seize valuable opportunities. Regarding the metaverse, Chan said although it is no longer as hot as last year, many applications have successfully integrated gaming and technology, maintaining substantial user engagement. The cooling interest is also linked to the significantly worse current financing environment. Nevertheless, he believes this phase brings the market back to reality, enabling consolidation and allowing investors to back genuinely capable startups at reasonable valuations.
