Nearly 70 years after he produced Hong Kong’s first plastic duck, toy industry veteran LT Lam’s factories in China now churn out everything from Transformers to Play-Doh.
But with costs rising in China and the industry fragmenting because of technological advances and changing consumer tastes, the 93-year-old worries that Hong Kong could lose its decades-long role at the heart of the global toy industry.
“We started with nothing but our 10 fingers and our fighting spirit,” he says. “I think we still have some good opportunities for the next five to 10 years, but the contract manufacturing business is declining.”
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