YY Group acquires YY Circle, enters Hong Kong’s $16Bn gig market
SINGAPORE, SINGAPORE — YY Group Holding Limited, a Singapore-based provider of on-demand workforce solutions and integrated facility management (IFM), has acquired YY Circle Hong Kong as a majority-owned subsidiary.
The deal solidifies YY Group’s entry into the city’s booming gig economy—an estimated US$16 billion market with approximately 700,000 gig workers.
YY Circle Hong Kong, previously operating under a platform fee model, will now fall under direct control of YY Group, with local co-founder Anthony Ip retaining a 10% equity stake and continuing as Country Director. The move ensures operational continuity while enabling the company to scale its platform-backed labor solutions across the region.
Targeting flexibility in high-demand sectors
“Hong Kong’s vibrant casual [labor] market provides a unique opportunity for YY Group to deliver impactful solutions that ease the workforce challenges faced by businesses,” said Mike Fu, Chief Executive Officer and Executive Director at YY Group Holding Limited.
The group forecasts first-year revenue of HK$15.03 million (US$1.92 million), reflecting strong early expectations.
YY Circle’s platform connects temporary laborers with job opportunities while offering access to tools, resources, and protections often missing in the informal gig economy. YY Group plans to focus on sectors such as accommodation and food services—industries hit hard by labor shortages and in need of flexible staffing.
Global strategy, local execution
Already active in Singapore, Malaysia, Europe, and the Middle East, the company aims to replicate its tech-enabled staffing and facility management services across new markets.
YY Circle, known for its social networking tools tailored to community-based workforces, complements YY Group’s technology-driven platform approach. “By offering a localized solution, YY Group is empowering businesses and casual laborers alike to thrive in Hong Kong’s competitive market,” Fu added.
About YY Group and YY Circle
YY Group Holding Limited, founded in 2010 and headquartered in Singapore, is a publicly listed company with 771 employees and operations across Singapore, Malaysia, Vietnam, Thailand, Hong Kong, the United Kingdom, and the United Arab Emirates.
The group serves industries such as hospitality, logistics, retail, and healthcare. It recently acquired Property Facility Services Pte. Ltd. (PFS) in a major facility management deal. In 2024, YY Group reported revenues of US$41.1 million, reflecting growth and successful regional expansion.
YY Circle, now part of YY Group, is a provider of interactive social networking and staffing solutions. Its app, downloaded over 400,000 times with 150,000 active users as of mid-2024, simplifies the job search and hiring process for both employers and job seekers. The platform is operational in nearly eight countries and continues to expand, offering efficient, reliable, and flexible job solutions.
