HKSTP continues its commitment to driving sustainable growth in Hong Kong’s I&T sector

HKSTP continues its commitment to driving sustainable growth in Hong Kong’s I&T sector

Full alignment with the initiatives outlined in the 2021-2022 Budget supporting I&T talent, investment fund and re-industrialisation

Hong Kong Science and Technology Parks Corporation (HKSTP) welcomes the innovation and technology (I&T) related initiatives announced in the 2021-2022 Budget today. The company will fully align our resources and support with the related measures to drive the sustainable development of Hong Kong’s I&T sector and hence economic diversification.

Dr Sunny Chai, Chairman of HKSTP, said, “We are delighted to see the measures outlined in the 2021-22 Budget continue to support the development of I&T in Hong Kong. HKSTP is committed to growing our city’s tech start-up ecosystem. We continue to carry out our work in a steadfast manner across every aspect and we are beginning to see promising results, evidenced by the significant increase in the number of technology companies, start-ups and venture capital financing.”

Dr. Sunny Chai, said, “We strive to strengthen Hong Kong’s advantage through building a comprehensive I&T supply chain to drive diversified and sustainable development in Hong Kong. With advanced manufacturing facilities, including the Advanced Manufacturing Centre (AMC) and Microelectronics Centre (MEC), being launched in the near future, we will further enhance the integration of technology, R&D, and industrial expertise.”

The HK$350 million injection into Corporate Venture Fund (newly named HKSTP Ventures), expands our fund investment pool to a total sum of HK$600 million. This will further strengthen the availability of funding to back local ventures across different investment stages, including Series B and beyond. For every HK$1 invested by HKSTP Ventures, it has been matched with HKD13 from the private capital market. Over the past three years, it has attracted about HK$1.3 billion in private investment. These funds not only help ensure ventures gain the support and development they need to grow, but also scale up the local I&T investment ecosystem.

Talent is the key to success for continued I&T development. HKSTP has been making good progress in attracting and nurturing local and overseas talents through training and development programmes, as well as the creation of job opportunities. The HKSTP InnoAcademy was first introduced last October to support technology talents across different industries to upgrade their skills, and prepare the next generation of leaders, further enhancing Hong Kong’s competitiveness in I&T. The ongoing HKSTP Student Internship Programme has also encouraged our Park Companies to recruit full-time tertiary students as their interns.

HKSTP also fully supports the development of fintech in Hong Kong with focuses on the city’s strengths in regulatory technology and cyber security. With the re-positioning of InnoCentre in Kowloon Tong as a “Fin+Tech Hub”, a new FinTech Centre was launched in January to serve as a co-creation platform for different stakeholders to accelerate fintech innovations. Furthermore, the Corporation has been working closely with the Hong Kong Monetary Authority, connecting with the fintech industry to provide an application development platform for companies to validate concepts, prototype and optimise innovative technologies.

As the city's flagship base for R&D, Hong Kong Science Park has around 900 R&D companies operating in the Science Park with a working population of over 13,000, of which around 9,000 are researchers. With the move-in of the first batch of R&D centres set up by top-notch universities and research institutions in the first quarter, Health@InnoHK and AIR@InnoHK will help further expand the I&T ecosystem in Hong Kong.

HKSTP will continue to work with different parties to cultivate the I&T ecosystem both locally and within GBA. The Hong Kong-Shenzhen Innovation and Technology Park (HSITP) located at the Lok Ma Chau Loop, is set to become the largest innovation and technology platform in Hong Kong. This will enhance the connection to markets and opportunities among the GBA cities. HKSTP will work with stakeholders to promote the two-way mobility of capital and talents in the area, and together strive for a better future for Hong Kong.