HKSTP signs Co-incubation MoU with CR Enterprise to nurture tech ventures by accelerating R&D commercialisation and attracting overseas talents

(Hong Kong, 22 December 2021) – Hong Kong Science and Technology Parks Corporation (HKSTP) and China Resources Enterprise Limited (including its subsidiaries, hereinafter referred to as “CR Enterprise”) have signed a strategic memorandum of understanding (MoU) to support the development of tech ventures and startups in Hong Kong. The co-incubation partnership will focus on transforming R&D outcomes into commercially-viable products, attracting top-notch international talent to Hong Kong, and hence growing the local talent pool to strengthen the city's position as a global innovation and technology (I&T) hub.

HKSTP has been dedicated to collaborating across a network of government, industry, academia and research partners to support high-potential startups at their different stages of development. Pursuant to the framework of this MoU, HKSTP and CR Enterprise will establish an I&T co-incubation platform to provide funding, talent and infrastructure support to rapidly progress translational research projects into market-ready offerings.

Under the MoU, CR Enterprise intends to establish R&D facilities and provide resources to support startups across HKSTP’s thriving I&T ecosystem, including Science Park and InnoParks in Tai Po, Tseung Kwan O and Yuen Long. CR Enterprise will leverage the STP Platform to promote data collaboration and analytics for open innovation, thus powering the growth of new economies. The company also plans to establish GMP cell laboratory or manufacturing facility for post-phase II clinical trials to advance Hong Kong as an international hub for biotechnology development. These measures will foster local I&T development, support global startups and unlock vast business opportunities within the Greater Bay Area and beyond.

CR Enterprise will also leverage China Resources Group’s extensive resources and deep expertise in key vertical sectors by enabling selected tech ventures and startups to trial their innovations in a physical testing environment in Science Park. These companies will be able to obtain real-time data and collect immediate feedback to enhance their product applications and assess feasibility for large-scale market launch.

The collaboration between HKSTP and CR Enterprise will focus on prospective projects under HKSTP’s incubation and acceleration programmes. Both parties are committed to promoting the exchange of market intelligence and industry trends in the short run, while sharing a common goal to establish a co-investment platform. Through providing joint incubation services, both parties strive to grow local I&T ecosystem and enhance Hong Kong's overall R&D strength.

Albert Wong, CEO at HKSTP, said: “Promising startups and research talent continue to face significant challenges at various stages of their growth journey. HKSTP is on a mission to strategically partner with industry leaders to form a strong network that leverages the full strength of each partner to support startups with growth opportunities in Hong Kong and the Greater Bay Area.”

“Our strategic cooperation with CR Enterprise will help tech ventures in Hong Kong by accelerating the commercialisation of research into market-ready and impactful innovation. A key focus of our partnership is to attract outstanding overseas talent to Hong Kong by cooperating with international enterprises as well as research institutions so that we can establish a stable and strong I&T talent pool for Hong Kong. “

Chen Ying, Assistant General Manager of China Resources Group, Chairman of the Board and Chief Executive Officer of CR Enterprise, said: “Through cooperating with HKSTP in different fields, we will integrate different technologies into solutions or products to organically bring industry and the R&D sector together. We plan to create an innovative laboratory that enables interactive exchange between industry and technology innovators at HKSTP.”

“Together with HKSTP, CE Enterprises will provide resources in the critical areas of research, clinical trials, pilot production and help develop market opportunities for the park companies to accelerate their progress. The collaboration will help Hong Kong’s I&T industry capture new opportunities under the country’s overall development and further enhance Hong Kong as a hub to attract foreign talent and investment, as well as a launchpad for international expansion.”

HKSTP’s partnership with CR Enterprise will complement HKSTP’s talent and incubation programmes, where its extensive research network and industrial resources will be utilised to provide a more extensive support to startups. The resulting synergies can further unleash Hong Kong's advantages to develop the I&T industry and jointly promote Hong Kong to become an international I&T hub.