Jay-Z Invests 5 Million USD in Hong Kong Luxury Watch Retailer Wristcheck

The rapper’s investment demonstrates global interest in Hong Kong’s entrepreneurial ecosystem

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1 day ago 1 mins read

Over the years, Hong Kong has cemented its place as a global financial and commercial hub. And that reputation shows no signs of waning, especially with more than 75% of foreign investment as of the end of 2022 attributed to different industries, namely investment and holding, real estate, professional and business services, and banking.

While multinational corporations continue to take the lion’s share, the city’s entrepreneurial ecosystem is also capturing the attention of high-profile investors. Step forward Jay-Z, whose recent 5 million USD investment in up-and-coming Hong Kong luxury watch retailer Wristcheck is raising eyebrows across the world.

Known as an avid watch connoisseur owning a wide range of timepieces from renowned brands such as Patek Philippe and Audemars Piguet, Jay-Z (Shawn Carter) joins an impressive list of investors in Wristcheck. Since its founding in 2020, the watch company has garnered about 13.6 USD million from backers such as Alibaba Entrepreneurs Fund, Gobi Partners GBA, and K3 Venture.

Co-founded by local entrepreneurs Austen Chu and Sean Wong, Wristcheck allows collectors to buy, sell, and learn about watches — striving to create a safe and accessible community for those interested in timepieces.

Wristcheck Instagram

Wristcheck’s Austen Chu announces Jay-Z’s investment on Instagram. Screenshot via Instagram.

In a statement, Chu said that “As the most influential celebrity watch collector of the 21st century and a certified G.O.A.T, [Jay Z’s] support carries immense weight both personally and professionally.” He added that the American rapper was “always an inspiration”, who “bridged the gap between watches and pop culture” through the latter’s music that he listened to growing up.

On an Instagram post, Wristcheck also thanked its fans for being part of [the] Wristcheck family. Through their continuous support, the watch company is “honored to have you with us on this journey of shaping the watch world of tomorrow, together. This is just the beginning — watch this space.”

In response, the online community gave a positive reaction, responding with comments such as “hard work pays off” and congratulating Chu on his recent success.

Alongside Carter, other celebrities have also backed online watch traders. For example, Cristiano Ronaldo and Charles Leclerc have both invested in the Internet’s largest watch-selling platform Chrono24. Meanwhile, Kevin Hart, John Legend, and J Balvin have all backed Bezel.

Banner image via Wristcheck.

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