Financial Secretary Paul Chan Mo-po speaks at the Bond Connect Anniversary Summit 2023 on July 4, 2023. (PHOTO / HKSAR GOVERNMENT)

Hong Kong’s innovation and technology sector continues to thrive, with over 25 cutting-edge I&T companies investing or aiming to set up shop in the city, Financial Secretary Paul Chan Mo-po said Sunday.

Writing in his blog, Chan said the Innovation and Technology Bureau and the Office for Attracting Strategic Enterprises reached out to more than 200 companies and over 25 of them have already settled in Hong Kong or planning to expand their business in the city.

If things according to plan, Chan said they will collectively invest over HK$17 billion ($2.18 billion) in Hong Kong initially, “creating more than 4,000 jobs, the majority of which would be in scientific research or senior management positions”.

Many of these enterprises command a market value exceeding HK$10 billion, with their cutting-edge technologies and techniques ahead of the curve in their respective industries, Chan said

“All of them have either settled in Hong Kong or are aiming to establish a presence here. Three of them have chosen Hong Kong as their international headquarters and overseas research centers,” Chan said.

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Many of these enterprises command a market value exceeding HK$10 billion, with their cutting-edge technologies and techniques ahead of the curve in their respective industries, he added.

Chan said many of these high-achieving companies are from the Chinese mainland, including Biren Technology Company, which excels in artificial intelligence computing power; Horizon Robotics, which specializes in intelligent driving technology and chip research and development; Dmall, the largest retail cloud solution service provider in Asia; and Yuan Hua Tech, which is sophisticated in high-end surgical robots and medical equipment R&D and manufacturing.

Chan said the decision of these companies to set up shop in the territory showed that the efforts of the Hong Kong Special Administrative Region government in the past few years have paid off.

The HKSAR government has injected nearly HK$200 million into various programs to attract talent, creating a thriving and exuberant I&T climate in the city, he added.

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Chan said there will also be more new arrivals, including New Horizon Health, a pioneer in home-use cancer screening devices from Zhejiang province, and Time Medical, which specializes in high-end medical diagnosis products.

With innovative technologies locked in a tight race in an increasingly competitive global environment, Chan urged Hong Kong to “up its game and speed up the advance of I&T development”.

He reaffirmed the HKSAR government’s resolve to attract key enterprises from all over the world and inject a “more potent momentum into Hong Kong’s economic development and labor market.” 

Chan said he was inspired by his visit to the “Happy Hong Kong” market at Science Park after see I&T elements animating every single activity – from booth games and STEAM (science, technology, engineering, arts and mathematics) workshops to food and beverage stores.

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“Happy Hong Kong”, which runs from Aug 4 to Aug 13, attracted up to 110 companies and their partners to showcase more than 180 innovative products, all of which are locally invented, designed and manufactured.

“Technology is the primary productive force, and innovation is the major driving force for development,” Chan said.

He added that the flourishing I&T landscape could captivate more like-minded talents and enterprises, which will ultimately forge a “virtuous cycle” for the city’s I&T milieu.