Hong Kong may soon get its first billion-dollar start-up, thanks to a 25-year-old entrepreneur whose company leases phones to travellers. Tink Labs was raising about $40-million (about R552-million) and aiming for a valuation of more than $1-billion, people familiar with the matter said. The fundraising was not complete and the final figures could change, said the people, asking not to be identified. Founded in 2012 and led by CEO Terence Kwok, Tink Labs has more than doubled its staff to 300-plus people over the past year. The financing will go towards staff and expansion costs, and is targeting institutional investors. In September, Tink Labs raised $125-million for a valuation of more than $500-million, with backing from Foxconn Technology Group, Kai-Fu Lee's Sinovation Ventures and Cai Wensheng, the chairman of Meitu. While China has an ever-growing bevy of so-called unicorns, Hong Kong start-ups have been absent from the list, according to CB Insights. Hong Kong doesn't have a ...
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