April Rudin discusses why Hong Kong presents an ever more promising gateway to foreign firms looking to tap Asia’s wealthy through social media.

Hong Kong’s ultra-high net worth segment will eclipse its US counterpart in the next 20 years. Cash-poor foreign firms are eyeing a slice of Asian wealth, but few are successfully tapping Asia’s investor elite. April Rudin, commentator and chief executive of The Rudin Group, discusses why Hong Kong presents an ever more promising gateway to Asia’s wealthy, particularly through social media. The views are those of the writer and not necessarily endorsed by this publication.

As of June 2010, Hong Kong is home to more than 3,600 regional headquarters and offices representing companies outside of Hong Kong. Hong Kong is the platform of choice for those American, European and other remote firms who are looking to stage, execute and now even settle financial transactions in Asia. As all restrictions have been removed, anyone can open an account in RMB, the national currency of China. The "delicious" Dim Sum (small delicacy) bond may be a perfect entry point for hungry foreign investors.

The city-state is practically teeming with wealthy individuals and their entities. Now there is a new younger high net worth individual in Hong Kong.  They are eagerly seeking investment opportunities and deal flow. In fact, one obstacle to growth in Hong Kong has been the lack of available financial deals. As a result, there is pent-up demand for all types of investment instruments. Also, there are very few insurance products as it’s a very early-stage market.

Although this comment is focused on financial services in Asia, there are equally significant opportunities for technology firms, manufacturing plants, exporters and businesses of all kinds. All of these firms will require financial services firms to help them grow, invest both personal assets as well as company profits.

Hong Kong is the obvious entry point for financial services firms who are seeking future UHNW/HNW clients. English is the second language of Hong Kong. This newly minted group of Asian HNW individuals has a growing appetite for venture opportunities, private equity deals, family office services, luxury goods, private banking and more.

Social media for connections

In marketing's new math where one platform enables another, there is an obvious opportunity to use social media/digital marketing to connect American firms with their counterparts in Asian financial markets.

Here are some suggestions for social media strategies to begin seeking relationships in Hong Kong. To leverage social media and connect with Hong Kong-based financial service firms and beyond, look for new connections on LinkedIn. Stay beyond the obvious US-based financial services firms when looking for new connections. Identify firms and important individuals with whom you may have a similar client base. Research and seek out strategic relationships with Hong Kong and Mainland China-based individuals. This can "jump-start" your entry to this market.

Join LinkedIn groups which are geared toward the Asian financial/luxury brand market to gain first-hand intelligence. Post engaging questions about the Asian market and encourage conversation around best practices. Consider starting your own LinkedIn group where you can control and facilitate conversations and recruit members around your own firm's offerings. Create and launch an Asian-oriented Facebook business page which can help you connect with HNW consumers and engage with them to learn some of their preferences. "Like" existing luxury brands Asian-based or Hong Kong-based Facebook pages and learn real-time about consumer trends. This may be a source of clients for financial products as well.

Search through existing Twitter handles and #hashtags and follow the tweets of those Tweeters whose content is relevant to Asian UHNW/HNW. Curate and aggregate content from luxury trends to financial services smarts. Use the Twitter "List" function to separate out those firms which you are following for affluent Asia to help segregate that content from your other streams. These are some simple ideas to whet your appetite for Hong Kong and its possibilities.