As large language model (LLM) technology advances, Hong Kong startups are leveraging it to develop a wide range of end-product applications, with a particular focus on education and tourism to tap into the growing AI market.
Beyond its traditional strengths in finance and trade, the Hong Kong government has actively promoted the tech startup ecosystem in recent years, fostering numerous emerging teams. The 2024 Hong Kong Electronics Fair (Autumn Edition), held from October 13-16, showcased the latest innovations from local startups, with education technology receiving significant attention.
According to a survey by Invest Hong Kong, startups engaged in education and learning-related businesses have been steadily increasing. The percentage of startups in this sector rose from 5.8% in 2021 to 8.0% in 2022, making it Hong Kong's fourth-largest startup industry, following fintech, e-commerce/logistics technology, and ICT.
At the Electronics Fair, startup Hanink Innovation introduced its AI-powered Chinese language teaching assistant, "Mobut," which utilizes ChatGPT for essay grading and writing instruction. Hanink's Director, Gavin Jong, revealed that Mobut is already in use by over 200 secondary schools.
Jong further noted that the company plans to expand into the English market with an AI-based English language tool, while also targeting the mainland Chinese market by developing AI solutions tailored to the Gaokao, China's national college entrance examination. In addition to B2B partnerships with schools, Hanink is also working on B2C software for direct consumer use.
In the tourism sector, some startups are tapping into China's vast market potential. Charming Panda, for instance, shared data predicting that China will attract 30 million international tourists in 2024, creating US$30 billion in tourism revenue.
At their exhibition booth, Charming Panda's team highlighted their use of large language models to create virtual simulations of Chinese cities, integrating Web3 technology to build virtual communities. They are developing an app that offers international tourists a simulated travel experience, covering essential aspects like food, accommodations, and transportation during a visit to China.
However, due to China's restrictions on Web3 technology, Charming Panda plans to focus on international users, expanding into markets such as the EU, North America, and the Middle East. The app is currently in the testing phase and is expected to officially launch by the end of 2024.
