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Financial Secretary


Attracting Strategic Enterprises and Unleashing I&T Power

The 10-day "Happy Hong Kong" Bazaar at the Hong Kong Science Park was kicked off last Friday. I attended the opening ceremony and visited various rollicking stalls. The theme of this Bazaar is innovation and technology (I&T), comprising games, STEAM (science, technology, engineering, arts and mathematics) workshops, food and beverages as well as products for sale that are infused with I&T elements. 110 companies and partners in the Park participated in the Bazaar, offering more than 180 innovative products, all of which are locally invented, designed and manufactured. We hope that you will join the Bazaar to experience the fun of technology and support our I&T enterprises.

Last Friday, I attended the opening ceremony of the "Happy Hong Kong" Bazaar held in the Hong Kong Science Park.

“Science and technology are the primary productive force, and innovation is the primary driver of growth.” Globally, I&T is an important engine for faster and higher quality economic growth, and it has a direct impact on the competitiveness of a place and the progress of its economic development. In recent years, the Government has made every effort to promote I&T development in Hong Kong, and invested around $200 billion and made enormous efforts to attract talent. The I&T ecosystem in Hong Kong has grown more vibrant. In an increasingly competitive global environment, it is all the more necessary to accelerate Hong Kong's I&T development so as to create a greater impetus for our economic development as well as better employment opportunities for the community. This is also our aspiration when we first proposed attracting strategic enterprises to Hong Kong. The clustering of top-notch and high-potential enterprises will drive the development of associated industrial chains and help attract more enterprises and talents to come to Hong Kong. This will create a virtuous cycle for our I&T ecosystem.

The Government of this term has achieved good progress in attracting I&T enterprises. Our team, including the Innovation, Technology and Industry Bureau and the Office for Attracting Strategic Enterprises, has met with more than 200 companies so far, and over 25 companies have set up or expanded their operations in Hong Kong, or are planning to do so. Many of them are I&T companies with a market capitalisation or valuation of over $10 billion, or engaging in cutting-edge technologies. According to their current plans, they will initially invest a total of more than $17 billion in Hong Kong and create more than 4,000 jobs, most of which are research and development (R&D)-related or senior managerial positions.

During the duty visit to Shanghai in July, I visited a leader in the field of artificial intelligence computing power, Biren Technology.
During the duty visit to Shenzhen in June, I visited Yuan Hua Tech, which engages in the R&D and manufacturing of high-end surgical robots and medical devices.

Taking a few Mainland companies that I visited recently as examples. Biren Technology is a leader in the field of artificial intelligence computing power; Horizon Robotics focuses on smart driving technology and related chip research and development; Dmall is Asia’s largest retail cloud solution provider; Yuan Hua Tech engages in R&D and manufacturing of high-end surgical robots and medical devices. They either have already set up in Hong Kong, or are actively implementing their setup plan in Hong Kong. Three of them would establish their international headquarters and R&D centres outside the Mainland in Hong Kong.

Other recent newcomers include New Horizon Health, a pioneering Mainland company specialising in home-based early detection of high-incidence cancers, which has already set up its global R&D headquarters in Hong Kong; and Time Medical, a high-end medical diagnostic equipment R&D and manufacturing company with original technology, which has set up a new smart production line in the Tai Po InnoPark for putting high-end R&D and manufacturing in Hong Kong for tapping into the global market.

During my visit to Beijing in July, I visited Asia’s largest retail cloud solution provider, Dmall.

Leading technology company Huawei as well as e-commerce giants Meituan and JD are also actively expanding their operations and developing new businesses in Hong Kong. We are undergoing in-depth discussions with many more strategic enterprises from the Mainland and abroad, and expect that more will set up their business here in the second half of the year.

Apart from artificial intelligence, big data, robotics, medicine as well as life and health, we are making good progress in financial technology. For instance, as set out in this year’s Budget, Web 3.0 is one of the new fields underpinning the high-quality development of Hong Kong. As the Web 3.0 Hub of Hong Kong, Cyberport has gathered over 170 relevant enterprises, with their businesses covering non-fungible tokens (NFT), metaverse, digital asset trading platforms, and more. These enterprises include unicorns as well as leading trading platforms in the industry, with their founders coming from over 20 countries and regions.

Faced with challenges brought by the ever-changing external environment, we need to identify the major trends and leverage our own advantages with the support of national policies. By upholding fundamental principles and breaking new grounds, we will continue to strive for development, enhance our own competitiveness and open up more new arenas. We will steadfastly move forward and embrace new development opportunities amidst challenges, thereby making greater contributions to the high-quality development of our country.

August 6, 2023

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