Introduction

At an event in Cyberport Hong Kong on August 27, 2026, Cai Wensheng shared his observations on AI, Web3, and the entrepreneurial ecosystem in Hong Kong. He believes that although Web3 is currently in a slump, the productivity leap brought by AI, changes in Hong Kong's talent structure, development pressures beyond finance and real estate, and Hong Kong's unique open environment are collectively opening up a previously less obvious entrepreneurial window.

His core judgment is: the structural constraints that made it difficult for Hong Kong to nurture large internet companies are loosening; if entrepreneurs can leverage the mainland's industrial chain and competitive training, and then use Hong Kong as a base to serve the global market, they may build companies that are more efficient and resilient.

Key Points

• AI is shifting entrepreneurship from a “labor-intensive” model to a “high-leverage, small team” model, and the high office costs in Hong Kong are no longer a decisive barrier as they once were.
• The input of talent, tax system, open internet environment, global business conditions, and relatively clear Web3 space in Hong Kong are forming new entrepreneurial advantages.
• Entrepreneurs should not take “obtaining a license” and “funding” as the default path; if the business serves the global market, they should first clarify whether they truly need the corresponding licenses and external capital.
• The intense competition and compliance environment in the mainland market can train team capabilities; Hong Kong can serve as a hub connecting the mainland industrial chain to the global market.
• Web3 is still in a slump, but its reconstruction of financial and information order touches on deep interests, so regulatory and policy promotion will not go smoothly.

The Structural Tension Behind Web3's Slump

Cai Wensheng first mentioned that Web3 is currently in a relative slump, but this cycle cannot be understood solely from the perspective of price or sentiment. He defines AI as “a change in productivity,” making it more universally welcomed around the world; in contrast, Web3 touches upon existing currency, finance, and even information order. Information itself relates to the fundamental governance of nations and societies, so Web3 naturally faces more complex and intense challenges.

He cited changes in U.S. policies as an example, noting that cryptocurrency-related policies are often influenced by multiple factors including macro politics, financial regulation, and international situations. Even if the market has expectations for certain policies or bills, actual implementation may be delayed due to other priorities. For entrepreneurs, this means they cannot take a single policy expectation as the premise for establishing a business model.

He also discussed the uniqueness of Hong Kong: it accommodates more open discussions and has a relatively independent system and expressive space. This environment of “being able to discuss freely and allowing different judgments to coexist” is itself an important value of Hong Kong.

Why New Opportunities Are Emerging in Hong Kong

Cai Wensheng believes that the past difficulties in Hong Kong giving birth to super internet companies are not hard to understand: high office costs, limited market size, localized entrepreneurial entities, coupled with insufficient government and industrial resource investment in tech entrepreneurship at the time. In the era of the internet and mobile internet, many companies were typical labor-intensive organizations, requiring hundreds, thousands, or even more employees; in a high-cost city like Hong Kong, the economics of expansion were weak.

But these conditions are changing.

First, AI has significantly increased the output of individual teams and employees, allowing small teams the chance to create high-value products. In the past, building a highly valued company might require an organization of thousands of people, but now in many software and AI businesses, teams of several dozen or even smaller can generate considerable value. Therefore, the cost difference between Hong Kong and the mainland is no longer a decisive variable in high-value entrepreneurship.

Second, Hong Kong's talent base is expanding. He mentioned that programs for talents, exceptional talents, and professionals from the mainland are bringing a wider talent supply to Hong Kong. In the past, many capable individuals might have needed to leave Hong Kong to start businesses in the mainland or overseas; now, the new flow of people and cross-border networks are expected to create a richer entrepreneurial soil.

Third, Hong Kong's economic structure is also pushing for more space for technological innovation. Hong Kong has long relied on finance and real estate; while finance still has advantages, the scale remains significantly different compared to the U.S. market; the driving force of real estate is weakening. Against this backdrop, technology and innovation must become new growth directions that Hong Kong takes seriously.

The Practical Advantages of Entrepreneurship in Hong Kong

Cai Wensheng sees Hong Kong's entrepreneurial advantages as not being abstract concepts, but directly reflected in business operations and talent allocation.

Tax and salary efficiency is one aspect. Hong Kong’s corporate and personal tax system is relatively simple, with a low tax burden. For high-salary technical talents, the same company salary costs can usually be converted into higher after-tax income for employees in Hong Kong, thereby helping companies attract and retain talent.

An open internet environment is another aspect. For AI, software, content, globalization products, and Web3 teams, the ability to use the global internet smoothly and directly access international users and developer ecosystems is a foundational condition for product development and market expansion. Cai Wensheng believes this is also a major difference between the entrepreneurial environments of Hong Kong and the mainland.

A global business space is the third aspect. He emphasized that Hong Kong should not only be understood as a city serving the local market. Entrepreneurs can utilize Hong Kong's systems, finance, and international connectivity capabilities while relying on the mainland's mature supply chains, engineering capabilities, and competitive training to directly reach global customers with their products and businesses.

He illustrated with his early entrepreneurial experience that entrepreneurship often starts with a small opening: in 1999, he began with domain name registration and trading, trying with limited funds by placing domain names online for sale, completing the initial business exploration. This experience emphasizes not a specific business but that entrepreneurs should engage with the market early and validate demand through real transactions.

Do Not Treat Licenses as the Starting Point for Entrepreneurship

Regarding Web3, securities, and fintech entrepreneurship in Hong Kong, Cai Wensheng proposed a clear viewpoint: entrepreneurs need to first define their business boundaries rather than assume “first obtaining a license.” He believes that licensed businesses do have their applicable scenarios, but a license means compliance investment, ongoing costs, and specific market responsibilities; if the team’s products and customers are globally oriented and the business model does not fall within the regulated scope in Hong Kong, they should not blindly choose a heavy asset and heavy license path merely to “look legitimate.”

He cited examples where many licensed institutions face substantial operational pressures due to high compliance and operational costs; meanwhile, some international platforms can set up teams in Hong Kong while placing their core business in other jurisdictions that align with their target market rules. The point is not to encourage evasion of regulations but to remind entrepreneurs that compliance should match actual business and that it is essential to design the most suitable corporate structure, product market, and operational boundaries under the premise of legality and compliance.

This same logic applies to gaming, internet products, and other fields. If a certain type of product faces entry restrictions in a specific market, teams can consider targeting global distribution, overseas users, and compliant operations from the outset, rather than tying the success of the business entirely to the approval rhythm of a single market.

Funding Is Not the Only Answer

Another piece of advice from Cai Wensheng is to not treat funding as the default goal of entrepreneurship. He observed that in the AI and Web3 fields, if the product is good enough and growth is fast enough, teams may not need to rely heavily on external capital in the early stages. On the contrary, early or excessive funding may lead founders to carry unnecessary valuation pressure, governance complexity, and expansion impulses.

He illustrated this judgment with multiple industry cases: some early-stage companies completed self-breeding through transactions, product revenue, or cash flow; while some projects, after obtaining large amounts of funding, faced failures due to imbalances in governance, finance, or risk control. The emphasis expressed is that financing itself is not proof of commercial success; what truly determines a company's vitality is still product value, user demand, revenue capability, and risk management.

Of course, he does not deny the role of funding and accelerators. For early-stage, resource-limited, or industry-support-seeking university students and entrepreneurial teams, accelerators, investors, and industry partners can provide assistance. However, entrepreneurs should not view “securing funding” as the end point, nor should they sacrifice product direction or operational discipline in pursuit of funding.

Training in the Mainland, Going Global from Hong Kong

Ultimately, Cai Wensheng summarized his advice into a cross-border entrepreneurial path: train product, operation, and organizational capabilities in the fierce competition of the mainland, leveraging the mainland’s vast industrial chain; then utilize Hong Kong’s open networks, international environment, talent, and tax advantages to establish businesses aimed at the global market.

In this logic, Hong Kong is not a substitute for the mainland, nor is it just a local market; rather, it serves as an “amplifier” connecting Chinese capabilities with global opportunities. For AI, Web3, gaming, software, and digital service teams, the key lies not in staying in a single market but in whether they can choose the right business boundaries, control costs, respect compliance, and consistently create products that are truly needed by global users.

Conclusion

Cai Wensheng's sharing conveys a pragmatic view of entrepreneurship: new opportunities in Hong Kong do not imply easy success, but rather that some of the structural constraints of the past are changing. AI has lowered the threshold for small teams to create significant value, the influx of talent has increased entrepreneurial density, and Hong Kong's openness and international connectivity provide a starting point for looking outward.

For entrepreneurs, the most important thing is not to chase licenses, valuations, or the heat of funding, but to first create the product, connect with the market, and clarify compliance boundaries. If they can combine the execution capabilities of the mainland with the globalization conditions of Hong Kong, there is an opportunity for Hong Kong to become an important node for technological entrepreneurship in the next phase.

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