Hong Kong, along with much of Asia (with the exception of China), is still playing catch-up with Web 2.0 in 2007. This is due to lack of initiatives by companies and lack of knowledge and interest from the market. It was only late 2006 that we began to see more Web 2.0 information being fed to the public; at that time we also noticed an increase in the number of startups being formed in Hong Kong and releasing services to the public.
Overview of Web 2.0 in Hong Kong
Although many are still new to Web 2.0, Hong Kong is a market that follows the trends. So the people here are familiar with popular services from recognized companies in the US and are likely to adopt those services. In fact, they are less likely to use those from China, including local services, and even more unlikely to create their own Hong Kong services. As such, websites like Flickr
In terms of innovation, aside from the lack of interest, creativity and the 'why build when there are services already available' attitude that many people have, the lack of availability of online resources and localized APIs (e.g. some APIs may only pertain to the US market) are some of the issues that are hindering the development in the local Hong Kong market. The popular mapping mashups with Yahoo! and Google Maps, and other types of mashups, are basically non-existent here. This is very different from China, because we are also less likely to find any clones in Hong Kong...