Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Sunday that he expects more tech firms to go public in Hong Kong, encouraged by the successful fund-raising of leading companies including Alibaba.

In his weekly article, Chan said there will be a cluster effect following the listing of tech giants.

Alibaba Group Holding Ltd. made a debut on the main board of the Hong Kong Stock Exchange Tuesday in one of the world's largest fund-raising this year.

Read more: Alibaba shares jump 6.59% in Hong Kong debut

Chan said the major opportunities will likely come from the Guangdong-Hong Kong-Macao Greater Bay Area as more and more tech startups are emerging and thriving in an area that aims to become an international center for technology and innovation.

Hong Kong can continue to play the role of an international financial hub to assist the development of those firms, Chan said, in particular citing Hong Kong's highly-developed private equity funds market.

Chan said it is fortunate that the impact from the nearly-half-year social unrest remains limited in Hong Kong's financial sector, though the broader economy and peoples' livelihoods have been severely affected.

(Cover: Financial Secretary of HKSAR government Paul Chan delivers a speech in Hong Kong, June 10, 2019. /VCG Photo)