Five in 10 AI companies in HK mull local and int'l expansion

Of those seeking expansion, 11% want to focus their business on the Mainland.

Over five in 10 (55%) AI companies in Hong Kong plan to expand their businesses into international and local markets, according to the Hong Kong Productivity Council's (HKPC) Hong Kong AI Industry Development Study.

Of those seeking expansion, 14% and 11% want to focus their businesses in Hong Kong and the Mainland, respectively.

Hong Kong is the main source of income for local AI enterprises (63%), followed by the Mainland (19%), and overseas (15%). According to the survey, 31% of AI enterprises claim to be profitable.

Meanwhile, the study also found that  48% of companies are solely investing in developing AI for one industry, whilst 16% target two industries and 15% target three industries.

Target industries include telecommunications and IT (29%), medical industries (24%), education/training (23%), manufacturing (22%), and government organisations (21%).