Strategic Industries
Life and Health Technology
- Hong Kong is Asia’s largest and the world’s second largest fund raising hub for biotechnology sector. Under Chapter 18A, Hong Kong Stock Exchange permits listings of pre-revenue BioTech issuers that do not meet any of the Main Board financial eligibility requirements.
- With world-class universities, advanced research facilities and comprehensive ecosystem, Hong Kong provides an integrated platform for life and health science companies to innovate and grow from research and development to clinical trials and commercialisation. The 2022 Policy Address proposes setting aside HK$10 billion to further promote development of the life and health technology and set up an InnoLife HealthTech Hub in the Hong Kong-Shenzhen Innovation and Technology Park.
- Hong Kong Science and Technology Park established The Institute for Translational Research to provide incubation and acceleration programs as well as state-of-the-art research facilities to help biotech companies innovate and grow throughout the journey.
- With a well-established legal system and as home to many top Intellectual Property (IP) legal service providers, Hong Kong has a robust IP regime with strong enforcement, providing a safe and conducive environment for innovation.
Artificial Intelligence and Data Science
- The HKSAR Government is committed to building the infrastructure to allow more applications of artificial intelligence (AI) in both the public and private sectors. Moreover, the HKSAR Government will adopt more AI in its services in city management, including transport, customs inspection and cyber security.
- Hong Kong has a vibrant AI and robotics innovation scene, and is home to some of the city’s unicorns, including SmartMore, and the global technology company Geek+, testifying to an abundance of quality talent. At the Hong Kong Science Park, AIR@InnoHK focusing on AI and robotics technologies has been established as one of the main InnoHK research clusters. 28 research laboratories under InnoHK have commenced operation, involving 7 local universities and research institutions as well as over 30 institutions from 11 economies.
- World No.6 and Asia-Pacific No.2 data centre market (Cushman & Wakefield: 2022 Global Data Center Market Comparison)
- World No.1 lowest taxed data centre market (Cushman & Wakefield: 2022 Global Data Center Market Comparison)
- HK$100 million has been allocated to develop an integrated digital platform for data integration and information exchange of all public works projects.
- The Geospatial Lab, established in May 2021, helps raise public interest in spatial data, and explores together with the community value and application of spatial data in support of smart city development.
- The Data Technology Hub in Tseung Kwan O, provides a purpose-designed infrastructure for the data technology and telecommunications services industry.
Financial Technology (Fintech)
- Over 800 FinTech organisations are operating in Hong Kong, and 5 of them are unicorns; around HK$14 billion (US$1.8 billion) raised between 2019 and 2021.
- Major FinTech infrastructure includes the FasterPayment System, a blockchain-based “eTradeConnect” trade finance platform, and Commercial Data Interchange.
- 8 virtual banks, 4 virtual insurers, 2 virtual asset trading platform and 16 stored value facilities/ e-wallets granted licences. An Open Application Programming Interface (Open API) Framework for the banking and insurance sector being implemented in phases.
- Regulatory sandboxes available in the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority.
- In October 2022, the Government issued a policy statement on the development of Virtual Assets (VA) in Hong Kong setting out the Government's stance that Hong Kong is open and inclusive towards the global community of innovators engaging in VA businesses.
Advanced Manufacturing and New Energy Technology
- The Advanced Manufacturing Centre (AMC) in the Tseung Kwan O InnoPark provides a total of gross floor area about 108,580 square meters for accommodating high value-added manufacturing. The “INNOPARKs” comprising the Tai Po, Yuen Long and Tseung Kwan O industrial estates is positioned to drive the value chains between R&D and manufacturing, to strengthen the entire I&T ecosystem from research to industry.
- Under the Re‑industrialisation Funding Scheme which is launched in 2020, the Government will provide funding on a 1 (Government): 2 (company) matching basis to subsidise manufacturers to establish smart production lines in Hong Kong with funding ceiling to be one-third of the total project cost or HK$15 million, whichever is lower.
- The Re-industrialisation and Technology Training Programme provides funding support to local enterprises on a matching basis to train their staff in advanced technologies, especially those related to “Industry 4.0”.
- The Green Tech Fund (GTF), established in 2020, is to fund research and development (R&D) projects which help Hong Kong decarbonise and enhance environmental protection. Local research institutions, R&D centres and private companies can apply for this funding. A total of HK$400 million has been allocation to the GTF. GTF funding support ranges from HK$2.5 million up to HK$30 million per project.
- The Hong Kong Roadmap on Popularisation of Electric Vehicles, published in 2021, sets out the long-term policy objectives and plans to promote the adoption of electric vehicles (EVs) and their associated supporting facilities in Hong Kong with the objective to attain zero vehicular emission before 2050.