Hong Kong Technology Venture (1137) is considering ramping up investment in non-retail businesses, as the long-term outlook for the city’s retail sector is "deeply worrying," vice chairman Ricky Wong Wai-kay said on Tuesday.
Wong said after the shareholders’ meeting that although the company’s e-commerce platform HKTVmall is profitable, local retailers face a fundamental disadvantage due to Hong Kong’s high rents and labor costs, especially compared to their mainland rivals.
Wong said the company has no plans to enter the food delivery market, citing the lack of profitability among Hong Kong operators.
But Wong sees potential in traditional markets and unmanned stores in Hong Kong, with HKTV likely to introduce automated retail outlets. "The initiative is currently focused on technology development and model validation rather than profitability, with commercial rollout expected around 2027," he added.
Wong said HKTV’s new ventures, including unmanned stores in the UK and biotech projects, are unlikely to deliver significant financial returns in the next two to three years or even the medium term. However, he said the company will continue investing in such projects, expecting that technological breakthroughs could bring substantial benefits down the line.
In response to market concerns over a potential sale, Wong reiterated that the company has not discussed such matters and will not pursue any sale, privatization or introduction of new investors.
STAFF REPORTER
