The Korean subsidiary of Hong Kong’s first tech unicorn GoGoX signed a cooperation agreement with a major biotech research and development (R&D) centre in Korea, ending a year-long negotiation stalemate.
The breakthrough came after both parties participated in the 20th Hong Kong-Korea Business Roundtable organised by the Hong Kong Trade Development Council (HKTDC) and the Korea International Trade Association (KITA).
Headquartered in Hong Kong, GoGoX, formerly GoGoVan, is a pioneer in multimode logistics for enterprises and individuals, leveraging its app-based logistics platform to connect delivery drivers and couriers with users in real time.
Following its founding in 2013, Asia’s leading logistics tech platform underwent rapid expansion, eventually broadening its scope to full-scale logistics services.
In 2021, it rebranded as GoGoX, listed on the stock exchange in 2022 and has since extended its footprint to over 370 cities across Asia, including in India, Korea, Singapore and Vietnam.
Connecting markets, creating value
Held in Seoul in late June, the Hong Kong-Korea Business Roundtable attracted more than 20 business leaders and representatives.
Among the many topics discussed, development opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and the latest trends in technology and healthcare in Korea drew keen interest.
During the event, GoGoX Korea President Andrew Nam engaged in deep discussion with the R&D centre, successfully reviving negotiations that had been dormant for almost a year.
"I believe that the opportunity for face-to-face engagement - made possible by the HKTDC - was the decisive factor in making this collaboration a reality," said Mr Nam.
The seeds of collaboration were first sown at a cold chain logistics event a year earlier, when the R&D centre discovered that GoGoX Korea's expertise in temperature control and anti-vibration protection met their shipping requirements.
The HKTDC's visit to Korea subsequently created multiple opportunities for GoGoX Korea and the R&D centre to meet, exchange ideas and crystallise discussions that had been evolving over several months in a cooperation agreement.
Beyond the Roundtable, the Hong Kong delegation visited several leading innovation and tech (I&T) companies and organisations, including the LG Innovation Gallery, electric vehicle technology firm Exicon, internet giant Naver and biomedical company CHA Bio Complex.
This enabled it to gain an in-depth understanding of Korea's advancements in artificial intelligence, green technology and life sciences.
Prioritising cold chain innovation
Mr Nam explained the company is prioritising expanding in the cold chain logistics market, noting that the sector is currently dominated by packaging suppliers who typically employ their own delivery staff or use third-party providers.
This model creates multiple layers of packaging, driving up costs. In contrast, GoGoX Korea's cold chain logistics solution can cut costs by about 30%.
“We work with local packaging experts and our platform-registered drivers are directly responsible for transportation. When necessary, they even own the equipment themselves to ensure a seamless service," he added.
Developing its cold chain logistics services is just one area among GoGoX's many fast-growing domains, as the company strives to perfect every aspect of the logistics ecosystem with technology.
The company said it has participated several times in the Asia Logistics Maritime and Aviation Conference organised by the HKTDC and will continue to explore new business opportunities through future HKTDC events, aiming to promote its brand by sharing success stories and leveraging HKTDC's commercial platform to connect with potential business partners.
The firm also revealed plans to introduce cold chain logistics services to Hong Kong, contingent on local demand.
HKTDC Deputy Executive Director Mr Patrick Lau said GoGoX’s new collaboration not only marks a breakthrough in cold chain logistics for the company, but also reaffirms Hong Kong's leading position in I&T and professional services.
“The HKTDC will continue to champion Hong Kong's role as a superconnector and super value-adder and will strive to foster regional cooperation to unlock broader international market access," he said.
“This announcement also highlights the effectiveness of our trade events as platforms for regional collaboration. We remain committed to actively deepening trade ties between Hong Kong and Korea as well as with other economies along the Belt and Road."
Celebrating its 10th edition on 10-11 September, the Belt and Road Summit – co-organised by the Hong Kong SAR Government and HKTDC – will bring together key voices in government and business from across the Belt and Road and beyond to network and make deals.
On the second day of the Summit, GoGoX Founder, Chairman and CEO Mr Steven Lam will share his company’s growth journey and its achievements in cross-border collaboration at a networking and dialogue session with young business leaders.