It’s the former DAB member’s third attempt to run, but in the past two elections he failed to secure enough nominations.
To stand as a candidate, one must obtain at least 188 nominations, or one-eighth of the 1,500-strong Election Committee, which was expanded after Beijing overhauled Hong Kong’s electoral system last year.
Wu, 62, said he will try to win the central government’s trust by picking some “capable” ministers currently serving the government to join his cabinet.
Another businessman, Checkley Sin, had announced his intention to run last month.
The nomination period is due to begin on Sunday for the poll scheduled on March 27.