Hong Kong only place in China that can adopt model akin to SpaceX, CY Leung says

Hong Kong is the only place in China capable of replicating the financing model of US tech giant SpaceX, which leverages market forces to grow rapidly, former leader Leung Chun-ying has said, urging the city to develop professional services for the emerging aerospace industry.Leung, a vice-chairman of the Chinese People’s Political Consultative Conference, the country’s top political advisory body, also called on Hong Kong to make trade-offs when formulating its first five-year plan, prioritising initiatives that align with China" class="entity-link entity-location" data-entity-id="142227" data-entity-type="location">mainland China’s development goals.Earlier this month, SpaceX’s record-breaking initial public offering (IPO) raised US$85.7 billion, making its chief executive Elon Musk the world’s first trillionaire.“Elon Musk leveraged the highly market-oriented economy of the US and the power of a capitalist society to pool the country’s capital, talent, and technology in a short period of time,” Leung told a radio programme on Sunday.“Among all cities in our country, which one possesses such a capitalist market force to adopt a model akin to Elon Musk’s? It is Hong Kong.”Leung stressed that Hong Kong was well-positioned to develop professional services to support the growth of the aerospace and shipping sectors, including legal, insurance, and financing services.