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Advancing a New Frontier in Finance and Innovation

As we entered 2026, the Hang Seng Index saw a strong start on the first trading day, surging over 700 points – or 2.8% – marking its best opening performance since 2013. Innovation and technology (I&T) companies led the market rally, with the Hang Seng TECH Index climbing by 4%. Many artificial intelligence (AI)-related stocks continued to attract strong investor interest.

One strategic enterprise – among the first batch attracted to Hong Kong – was listed last Friday. It also marks the debut of the first Graphics Processing Unit (GPU) stock on the Hong Kong market.

On the first trading day of the year, a strategic enterprise – among the first batch of such companies attracted to Hong Kong – was listed on the Hong Kong Stock Exchange. Recognised as one of the "Four Little Dragons of Domestic GPUs (Graphics Processing Units)", the company is also Hong Kong's first listed GPU stock. As China advances towards high-level self-reliance and strength in science and technology, Hong Kong's open and international financial market is well-positioned to provide strong funding support for Mainland frontier tech enterprises. In recent years, we have continuously pushed forward stock market reforms, including the introduction of Chapters 18A and 18C, as well as the Technology Enterprises Channel (TECH) announced in last year's Budget. These initiatives have accelerated the optimisation of Hong Kong's stock market structure in line with the rise of new quality productive forces, while also meeting growing demand from both domestic and international investors for access to cutting-edge technology sectors. As of the end of last year, more than 400 new economy companies had listed in Hong Kong. Although they accounted for only around 15% of all listed firms, they represented approximately 30% of total market capitalisation and turnover. It is expected that more frontier tech companies will seek listings in Hong Kong in the year ahead.

We not only welcome these companies to list and raise capital in Hong Kong, but also encourage them to establish a broader presence in the city – by setting up research and development (R&D) centres, commercialising research outcomes, and developing advanced manufacturing facilities. This enables full leverage of Hong Kong's strengths in foundational research and its rich pool of international scientific talent. Through close collaboration and accelerated growth, these enterprises will further enrich and strengthen Hong Kong's I&T ecosystem and related industries. At the same time, we support them in establishing regional or international headquarters in Hong Kong, using the city as a strategic springboard to expand into global markets, including Southeast Asia and beyond.

Take the newly listed GPU company as an example. During a visit to Shanghai in 2023, I met with the company's leadership and highlighted the many advantages Hong Kong offers under the "one country, two systems" framework. Later that year, the company became one of the first strategic enterprises attracted to Hong Kong. It has since established both an R&D centre and its regional headquarters at Cyberport.

During my trip to Shanghai in 2023, I visited this GPU company and highlighted to its leadership the many advantages Hong Kong offers under the "one country, two systems" framework.

Over the past two years, the company has collaborated with local AI firms and research institutions to co-develop innovative solutions. Last year, it launched a strategic partnership with Cyberport, supporting the establishment of an Artificial Intelligence Laboratory and actively contributing to the development of Hong Kong's computing infrastructure through Cyberport's AI Supercomputing Centre. In addition, the company co-founded the Shanghai–Hong Kong AI Industry Acceleration Alliance with Cyberport, connecting upstream, midstream and downstream players in the AI industry across both cities. This initiative promotes deeper integration between the AI ecosystems of Shanghai and Hong Kong, fostering mutual learning and accelerating the development of AI-related industries.

In fact, in recent years, numerous I&T enterprises with cutting-edge capabilities have emerged across various regions of the Chinese Mainland, including the Greater Bay Area, the Beijing-Tianjin-Hebei region, the Yangtze River Delta, as well as the central and western regions. These companies are key drivers of China's technological and industrial innovation. Leveraging its unique position as a bridge between the Chinese Mainland and the rest of the world, Hong Kong is well-placed to connect innovation ecosystems and harness the comparative strengths of different regions. In particular, Hong Kong excels in mobilising international capital, attracting top global research talent, facilitating the flow of information and data, protecting intellectual property rights, enabling international patent licensing and offering globally relevant application scenarios – all of which can provide strong support for these enterprises in expanding to international markets.

For instance, in recent years, Cyberport and Jiangsu Province jointly established the Hong Kong-Jiangsu Science and Technology Innovation Centre to promote a collaborative model of "R&D in Hong Kong, application in Jiangsu", fostering I&T development in both regions. In addition, Cyberport partnered with the National Torch Academy of Innovation and Entrepreneurship (Zhongguancun) to establish a Hong Kong Branch, aimed at strengthening talent development and business incubation between Beijing and Hong Kong. In 2024, the Hong Kong Science and Technology Parks Corporation signed a Co-incubation Programme Agreement with the Hangzhou Innovation Incubation Center. To date, 12 I&T companies from Zhejiang and Hangzhou have established a presence in the Hong Kong Science Park.

The Hong Kong-Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop has recently opened, marking a major milestone in collaboration between Hong Kong and other Greater Bay Area cities in I&T. The first three buildings in the park have been completed, including two wet labs, which have already leased out 80% of their floor area. To date, over 60 companies and institutions – both local and international – have established a presence in the park. By sector, approximately half of these companies specialise in artificial intelligence and data science, while around 40% are engaged in life and health technology.

With the synergistic development of finance and I&T, Hong Kong's unique strengths are becoming increasingly prominent in this era where technological advancement defines competitiveness. We will build on this momentum to further strengthen our I&T and industrial ecosystem, thereby driving forward high-quality economic development.

January 4, 2026