For mainland Chinese entrepreneur Wang Chaoyou, joining a Hong Kong delegation to the Middle East has fast-tracked his entry into the emerging market of Kuwait after an earlier attempt to gain a foothold fizzled out.
“We were in discussions on a deal but couldn’t reach a consensus on the shareholding ratio – they asked for half, which I couldn’t accept,” said the chairman of Shanghai-based Dongchao Technology.
“But this time we came with Hong Kong’s chief executive and the Trade Development Council, who helped a lot with the negotiations and they ended up accepting a 30 per cent share … it just went so smoothly all of a sudden.”
Wang was among 20 mainland entrepreneurs joining a Hong Kong delegation led by city leader John Lee Ka-chiu to Qatar and Kuwait earlier this week, the first time businesses from across the border had joined such an official trip.
The city leader last visited the Middle East in 2023, spending eight days in the United Arab Emirates and Saudi Arabia with city business leaders.
Delegates and analysts said the line-up of the latest visit helped Hong Kong to open up new markets in the region amid escalating geopolitical tensions while also underscoring its role as the country’s gateway by helping mainland companies go global.
