More Chinese, HK next gens set up ventures outside of family businesses

PwC said 20% of Hong Kong NextGens have their own businesses.

Over 20% of Hong Kong and Mainland Chinese NextGens are keen to have more of a business mindset outside of their family business, PwC said in its report.

This as 28% of Mainland China NextGens and 20% of Hong Kong Next Gens are more likely to establish their own entrepreneurial venture outside of family businesses. These are higher than the global average of 12%.

Currently, 54% of NextGens are involved in leadership roles in Hong Kong. 

Business survival is also top priority for Chinese NextGens in the next two years, followed by adopting new technologies.

“In order to ensure long-term growth, family businesses should embrace digital transformation as it is the preferred experience for a third of customers,” said PwC. 

The analyst further pointed out that digital proficiency and capacity should be businessmen’s focus to transform existing family business or setting up new businesses with or without family financial support.