Hong Kong Science and Technology Companies Settled Down

[Andrew Paul]

In a world of innovation-driven growth, Hong Kong has settled down as a leading global technology hub. Several initiatives have made it possible to attract more technology companies and to improve the 香港科创公司落戶.

One of these initiatives, the Innovation and Technology Commission (ITC), has refocused existing agencies to provide an integrated support platform for innovative and high-growth firms. Another, the Growth Enterprise Market (GEM) on the Hong Kong Stock Exchange, provides equity financing to start-ups whose potential is not yet fully realised.

A key component of the I&T vision is "innofacturing", which refers to the repositioning of industrial estates to be tech-centric, and the incorporation of digital technologies such as AI, robotics and data analytics into manufacturing processes.

During the past decade, Hong Kong has seen a significant increase in start-ups that were founded by non-locals. This has been driven by the city's robust infrastructural support for industry participants, protection of intellectual property rights, and high capacities for R&D.

The city's strong business environment and living conditions have also helped to make it a desirable place for technology employees to relocate. Moreover, many international technology companies targeting the Mainland market tend to have their R&D employees in Hong Kong where they find it easier to adapt to the local culture and language.

To realise the full potential of its I&T ecosystem, the Hong Kong government needs a comprehensive approach that embraces three value creation factors: talent, infrastructure and capital. Those three values need to be deployed in tandem with an innovation system that combines the requisite innovation-based capacity with a clear policy and regulatory framework, and strong legal enforcement capabilities.