HK’s first unicorn set to close

A cautionary tale from Hong Kong today: Tink Labs, Hong Kong’s first billion-dollar startup founded by a 25-year-old entrepreneur, is set to shut down after quietly laying off nearly all its employees.

According to the Financial Times ,the Softbank and Foxconn-backed platform was founded in 2012 and provided free-to-use smartphones for hotel operators to promote their services, either in the room or being taken out as a city-guide mobile device. At its launch, the company aimed to be available in 1 million rooms by the end of last year. 

The company was once valued at US$1.5 billion. Its investors include Foxconn subsidiary FIH Mobile; Cai Wensheng, chairman of popular Chinese selfie app Meitu; and Sinovation Ventures, an investment fund headed by former Google China chief Kaifu Lee. 

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