to be able to compete they will first need to have enough talents in computer science. And also to make sure they get paid decent amount of money, when you see how much people in finance make compare to software developer in other industries it's a joke.
With the best will in the work, nobody is going to leave GS here for PCCW, China Shipping Lines or Gogovan.
The HK idea of a tech industry seems to be geared towards financial services support or shifting boxes. Or it's having local offices of global tech companies that just do a bit of sales and marketing.
Ultimately it will have to change when corporation realize they need to implement efficient Data Analytics. Problem is HK is really slow (corporation wise) to adopt new technologies. A lot of conglomerate rely on really old legacy systems.
It's going to be interesting to see how it develops. I know some companies here just can't find the talents they need like in UX, if you work in that area you get offers left and right.