Tag Archives: China

Strengthening Industries with Competitive Edge

72. It is imperative for Hong Kong to leverage on its strategic positioning as the “three centres and a hub” and make good use of the advantages of “one country, two systems”. With the resolute support of our country, we must consolidate and strengthen industries with clear advantages whilst actively nurturing and developing new industries, injecting new impetus to Hong Kong’s economy such that Hong Kong could contribute to the Chinese path to modernisation while realising faster and better development.

International Financial Centre

73. Last year, Hong Kong ranked among the top three international financial centres (IFC) and the top four initial public offering markets in the world. The Hong Kong stock market has been buoyant since the beginning of this year. Total assets under management amounted to over $31 trillion, with over half of the funding sourced from investors outside. The offshore Renminbi (RMB) liquidity pool has expanded to approximately RMB1.1 trillion.

74. The key to consolidating and enhancing the strengths of Hong Kong as an IFC lies in institutional innovation, product innovation, a critical mass of enterprises and financial connectivity. Over the past few years, institutional reforms to the capital market, including establishing listing avenues for new economy and technology enterprises with weighted voting rights structures, facilitating fundraising by overseas issuers, etc., coupled with the Government’s active efforts in attracting new capital overseas and expanding new markets, have injected impetus to the Hong Kong market and improved its liquidity. We are pressing ahead with high-quality development of Hong Kong’s international financial market to create more new growth areas.

Securities and derivatives market

Facilitating financing of overseas enterprises and specific products

75. The Association of Southeast Asian Nations (ASEAN) is an important economic region that continues to grow. A number of enterprises from ASEAN are seeking to apply for listing in Hong Kong, covering businesses in areas such as biotechnology, integrated logistics, mining, etc.

76. HKEX will step up its promotion in ASEAN and the Middle East, and actively explore areas of co-operation with countries in the region, including the listing of exchange-traded funds, to enrich the investment product choices in mutual markets and promote two-way capital flows. HKEX will also strive to increase the number of overseas recognised exchanges to facilitate more overseas companies’ secondary listing in Hong Kong.

77. In order to facilitate more private equity funds to list in Hong Kong, SFC has clarified the relevant regulatory requirements to encourage sizeable alternative asset funds with regular income streams to raise funds. In addition, HKEX will put forward recommendations to enhance the issuance mechanism of structured products with a view to providing greater flexibility for product listing and trading.

Improving trading and risk management efficiency

78. We will continue to advance reforms to the trading mechanism. HKEX will gradually introduce new functions to its post-trade system from the middle of this year and conduct system upgrades to ensure technical compatibility with the T+1 settlement cycle by the end of this year, and complete advance preparations for shortening the settlement cycle.

79. Riding on the reduction in minimum price spreads to be implemented in the middle of this year, HKEX is reviewing with the SFC the trading unit system, or the so-called “board lot” system, and will put forward proposed enhancements this year, so that trading arrangements can better meet liquidity characteristics of shares of different sizes and investment needs, as well as facilitate trading and improve efficiency.

80. We have submitted the subsidiary legislation with regard to the implementation of the uncertificated securities market regime to LegCo. The SFC and HKEX are working closely with the industry to carry out system upgrades and technical preparations, with a view to implementing the regime early next year.

81. To meet the risk management needs of investors, the SFC will consult the market on the proposal to increase the position limits for key index derivatives, so as to enhance flexibility for investors to use the relevant derivatives while safeguarding financial safety.

Taking forward reforms to the listing regime

82. To dovetail with the latest economic trends and corporate needs, we will review listing requirements and post-listing ongoing obligations, evaluate listing-related regulations and arrangements to improve the vetting process, optimise the thresholds for dual primary listing and secondary listing, and review the market structure, including exploring the establishment of a post-delisting over-the-counter trading mechanism.

Fixed Income and Currency Hub

83. The SFC and the HKMA have set up a task force to formulate a roadmap, covering the development of primary and secondary bond markets and foreign exchange markets, as well as infrastructural enhancement. We will also organise a flagship forum in the second half of this year to promote Hong Kong’s strengths in this regard.

84. The Government will conduct research into the current legal and regulatory regime related to the issuance and transactions of digital bonds and explore enhancement measures to promote the wider adoption of tokenisation in Hong Kong’s bond market.

85. The Government will regularise the issuance of tokenised bonds. The HKMA is preparing for issuing the third tranche of tokenised bonds, and will continue to encourage digital bonds issuances through the Digital Bond Grant Scheme, while actively exploring tokenising traditional bonds issued.

Asset and Wealth Management Centre

86. We have been striving to foster the development of the asset and wealth management industries. Measures implemented include enhancements to the Cross-boundary Wealth Management Connect in the GBA, Exchange-traded Fund (ETF) Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement.

87. We will formulate proposals on the preferential tax regimes for funds, single family offices and carried interest this year, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices, enhancing the tax concession arrangement on the distribution of carried interest by private equity funds, etc.

88. We will continue to attract global capital to Hong Kong and develop a vibrant ecosystem for family offices. InvestHK has assisted over 160 family offices in setting up operations or expanding their businesses in Hong Kong. We will be hosting the third edition of the Wealth for Good in Hong Kong Summit shortly under the theme “Hong Kong of the world, for the world”, showcasing Hong Kong’s strengths as a global hub for family offices.

Offshore RMB Business Centre

89. With the prudent and steady progress of RMB internationalisation, Hong Kong, as an offshore RMB business hub, will continue to enhance offshore RMB liquidity, improve the relevant infrastructure, and provide more investment products and risk-management tools.

90. The Government promotes the formation of the offshore RMB yield curve by regularly issuing RMB bonds of different tenors. The Hong Kong RMB Clearing Bank has been offering 24-hour cross-border clearing service since last year, bringing convenience to banks and customers in different time zones.

91. The current size of the Currency Swap Agreement between the HKMA and the People’s Bank of China (PBoC) is RMB800 billion. The HKMA will launch an RMB Trade Financing Liquidity Facility for banks as a stable source of relatively lower-cost funds, so as to support banks in providing RMB trade finance services to their corporate customers. The new facility has a total size of RMB100 billion. 

92. To promote trading of more stocks in RMB and improve market liquidity, both places are conducting technical preparations at full speed to implement the inclusion of RMB trading counter under Southbound trading of Stock Connect. In addition, HKEX is taking forward the single tranche multiple counter arrangement, including adopting the same International Securities Identification Number for dual-counter stocks, so as to enhance settlement efficiency. The Government has also been conducting preparatory work to allow the stamp duty payable on the transfer of stocks at RMB counters to be paid in RMB, with a view to putting forward a legislative proposal next year.

Mutual market access and co-development with the Mainland

93. We will enhance the mutual market access mechanism with the Mainland, including the issuance of offshore Mainland government bond futures in Hong Kong, and implementing block trading of stocks and inclusion of real estate investment trusts under the mutual access as soon as possible. We will also actively explore opportunities to introduce further expansion initiatives, extend the Cross-boundary Wealth Management Connect Scheme in the GBA, improve market liquidity, and enrich the risk management toolbox.

94. The Financial Services and the Treasury Bureau, together with OASES and the HKTDC, will host the inaugural Hong Kong Global Financial and Industry Summit this year, which will pool together global enterprises, funds and technologies through financial empowerment, thereby elevating the level of international co-operation of industries. It will also attract more leading companies in advanced industries, domestic as well as overseas enterprises and investors to establish a foothold in Hong Kong.

95. To promote the connection of e-payment between the Mainland and Hong Kong, the PBoC and the HKMA are working closely to implement the linkage of faster payment systems of both places, with a view to providing round-the-clock real-time, small-value cross-boundary remittance service for residents in both places. The service is expected to be launched in the middle of this year at the soonest.

96. According to the “Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services”, the restriction for the Mainland branches of Hong Kong banks to conduct bank card business will be lifted starting from next month. This will facilitate them in expanding their businesses in the Mainland.

Fintech and Financial Innovation

Virtual Asset Development

97. We have been actively developing the virtual asset ecosystem in Hong Kong in recent years, and have been at the forefront by establishing a framework that balances regulation and market development.

98. “Consensus”, an annual flagship event of the sector, was successfully held in Hong Kong recently, bringing together a few thousands of industry elites and companies from across the world in virtual assets, blockchain, Web3 and fintech, etc. This is a manifestation of global confidence in Hong Kong’s vibrant development in this area. During the event, the SFC also announced a roadmap on the virtual asset market.

99. We will soon promulgate a second policy statement on the development of virtual assets to explore how to leverage the advantages of traditional financial services and innovative technologies in the area of virtual assets, enhance security and flexibility of real economy activities, and encourage local and international companies to explore the innovation and application of virtual asset technologies. The Government will conduct consultation on the licensing regimes of virtual asset over-the-counter trading services and custodian services this year.

100. We have introduced into LegCo a bill to put in place a regulatory regime for issuers of fiat-referenced stablecoins. Upon the passage of the Bill, the HKMA will expedite the vetting of licence applications.

Gold and Commodities

101. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion. The measures will be implemented gradually.

102. London Metal Exchange, a subsidiary of HKEX, has included Hong Kong as its approved delivery point in January this year. Local warehouse operators have expressed interest in becoming its accredited warehouses. Relevant discussion is actively underway.

Non-traditional risk transfer

103. As an international risk management centre, Hong Kong has been providing diversified risk management tools. We are proactively promoting the development of insurance-linked securities by establishing a dedicated regulatory regime and launching a pilot grant scheme. To date, we have facilitated the issuance of six catastrophe bonds in Hong Kong, with issuance amount totalling over $5.8 billion. The industry responded favourably to the pilot scheme, and we will extend it for three years.

MPF “Full Portability”

104. The Mandatory Provident Fund Schemes Authority will consult the public on specific proposals of MPF “Full Portability” this year and submit recommendations to the Government thereafter, such that MPF “Full Portability” can be launched soon after full implementation of the eMPF Platform. read more

Northern Metropolis

Industries and Spatial Distribution

61. The NM is crucial to the social and economic development of Hong Kong, providing impetus for the development of the I&T industry, enabling more in-depth participation in the development of the GBA, while creating quality career development opportunities and living environment for our people. The Government will continue to accord priority in providing resources to this initiative. Major industries include:

(a) I&T: The Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (Hetao Co operation Zone), together with San Tin Technopole, will provide large tracts of I&T land to leverage complementary advantages with the Shenzhen Park of the Hetao Co-operation Zone. We will also introduce new policies to facilitate cross-boundary flows of innovative elements; 

(b) High-end Professional Services and Modern Logistics: With the Shenzhen Bay Bridge and the Hong Kong-Shenzhen Western Rail Link connecting with Qianhai in Shenzhen under planning, Hung Shui Kiu/Ha Tsuen New Development Area (HSK/HT NDA) is positioned to become a high-end professional services hub for local, Mainland and overseas enterprises. Under the “East in East out, West in West out” strategy for cross-boundary goods movement between Hong Kong and Shenzhen, we will also plan logistics land strategically in the vicinity of boundary control points;

(c) Tertiary Education: To complement the development of Hong Kong’s I&T industry and to promote Hong Kong as an international hub for tertiary education, we have reserved about 90 hectares of land in the NM for developing the Northern Metropolis University Town, including the third medical school; and

(d) Culture, Sports and Tourism: Apart from reserving land for cultural and sports facilities, the NM preserves traditional villages and historical and cultural resources. We will develop culture, sports and tourism industries, including promoting eco-tourism, in accordance with the unique characteristics of different localities.

Innovative and Diversified Land Development Approach

62. To press ahead with the NM development and bring in industries, and to benefit the economy and people’s livelihood sooner, the Government will adopt a more diversified development approach with an innovative mindset, including piloting “large-scale land disposal”. We are inviting the market to submit expressions of interest for three pilot areas under “large-scale land disposal”, with the target of commencing tendering progressively from the second half of this year. We will also continue to identify suitable sites for private landowners to apply for in-situ land exchange for residential and industry developments.

Land for Innovation and Technology Use

The Hetao Shenzhen Hong Kong Science and Technology Innovation Co operation Zone

63. The Hetao Co-operation Zone is a major co-operation platform for GBA development. It provides unique advantages in areas such as policy innovation, flow of innovation elements and application of R&D projects. We attach great importance to its development.

64. The Hong Kong Park will enter into operational phase this year. The first three buildings of Phase 1 are about to complete and the first batch of tenants from life and health technology, AI, data science and other pillar industries will begin to move in this year.

65. I have earmarked $3.7 billion to expedite the provision of infrastructure and public facilities of Phase 1 development of the Hong Kong Park. Meanwhile, we will identify suitable land parcels for invitation of private development proposals this year with a view to expediting the development by leveraging market forces. Upon completion of the whole Hong Kong Park, its annual contribution to Hong Kong’s economy is expected to reach $52 billion, and about 52 000 job opportunities will be created.

San Tin Technopole

66. The San Tin Technopole is an important project for promoting I&T. Twenty hectares of land will be delivered in phases, starting from 2026-27, for development and operation by the HKSTPC. The HKSTPC is carrying out a master planning study, which is expected to be completed in the third quarter of this year.

Data Facility Cluster at Sandy Ridge

67. We commenced the procedures last year to re-zone a 10 hectare site at Sandy Ridge in the North District for use as data centres. The re-zoning procedures are expected to be completed in the middle of this year. We are actively making preparations for land disposal.

Pressing Ahead with Land Development

68. Last year, we have commenced three major projects on second phase development for the Hung Shui Kiu/Ha Tsuen New Development Area (NDA), remaining phase development of Kwu Tung North/Fanling North NDA, and the site formation and engineering infrastructure works for the first batch of land in San Tin Technopole. This year, we will start the works of Yuen Long South NDA second phase development, complete the re zoning procedures for a data park site in Sandy Ridge, and finalise land use proposals for Ngau Tam Mei as well as New Territories North New Town and Ma Tso Lung this year for commencing the environmental impact assessments and other statutory procedures. Over the next few years, there will be considerable output in residential units and industrial land in the NM.

69. In order to support commercial and innovative development in the NM, we will also identify suitable sites there for constructing facilities to meet various conference and exhibition needs.

Railway Development

70. The construction works of Phase 1 of the Northern Link (NOL), i.e. Kwu Tung Station, have commenced for target completion in 2027. Advance works for Phase 2 have also commenced to tie in with the target completion of NOL Main Line in 2034.

71. In addition, we are working with the Shenzhen authorities to jointly take forward two cross boundary railway projects. The investigation and design study of the Hong Kong Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai) project and the detailed planning and design of the Northern Link Spur Line are expected to commence this year. read more

     Following is a question by the Hon Doreen Kong and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (February 26):
     
Question:
 
     In December last year, The Ombudsman announced the launch of a direct investigation operation to probe the Government’s work on animal management and protection of animal rights and welfare. It has been reported that multiple incidents of dog poisoning have occurred one after another in Hong Kong since the beginning of this year, causing concern and panic among dog owners. In this connection, will the Government inform this Council:
 
(1) given the dog poisoning incidents that have occurred in recent months, whether the relevant departments have set up a dedicated interdepartmental co-operation team to expedite source tracking, improve investigation efficiency, and enhance related detection work as well as publicity and education efforts;
 
(2) given that the authorities indicated last year that they were preparing for legislative amendments to the Prevention of Cruelty to Animals Ordinance (Cap. 169), and whereas the Government stated in a paper submitted to the Panel on Food Safety and Environmental Hygiene of this Council in May 2022 that public consultation on the proposed amendments to the Ordinance had been conducted in 2019, and as there are views that the proposed amendments have not yet been included in this year’s legislative programme so far and that the progress has been rather unsatisfactory, whether there have been any delay in the relevant work, and what the specific timetable is for the authorities to amend the Ordinance;
 
(3) given that in reply to a question from a Member of this Council on December 9, 2020, the Government indicated that it currently had no plan to set up a dedicated hotline for reporting animal cruelty cases, whether the Government will reconsider such proposal in light of the latest trends that have emerged in recent days; if so, of the details; if not, the reasons for that; and
 
(4) as there are views that the Agriculture, Fisheries and Conservation Department has failed to properly handle reports of animal cruelty, whether the authorities will improve the Department’s complaint handling mechanism in this regard in order to curb such an undesirable trend in animal cruelty as soon as possible; if so, of the details; if not, the reasons for that?
 
Reply:     
 
President,
 
     The Government adopts a multi-pronged approach to curb acts of cruelty to animals. This includes exploring raising penalties for offences under the Prevention of Cruelty to Animals Ordinance (Cap. 169) (the Ordinance) to enhance deterrence, taking stringent enforcement actions against illegal acts, and continuing to enhance relevant public awareness through education and promotion activities.
      
     Having consulted the Security Bureau, the reply to the question from the Hon Doreen Kong is as follows:

(1) The Hong Kong Police Force (HKPF), the Agriculture, Fisheries and Conservation Department (AFCD) and the Society for the Prevention of Cruelty to Animals (SPCA) jointly implement the Animal Watch Scheme to proactively prevent and detect suspected cases of animal cruelty through multi-agency collaboration. For example, the HKPF would invite the AFCD and SPCA officers to provide professional advice at the scene of an animal cruelty case and assist thereafter where necessary.
 
     Through various channels including the Animal Watchers Programme, the “Be a Responsible Pet Owner” thematic website and roving exhibitions, the HKPF and the AFCD are respectively promoting the message of preventing cruelty to animals at the community level and online platforms; encouraging the public to report cases timely and to provide information that aids investigations; as well as raising public awareness of animal welfare.

(2) The Government has been studying amendments to the Ordinance. In preparing the Bill, it is necessary to consult the relevant stakeholders again on some of the proposals, and after collating the views, we will finalise the proposals and complete the law drafting work promptly. Once the work is completed, we will introduce the proposed legislative amendments into the Legislative Council.
 
     One of the directions being explored in the legislative amendment is to impose a positive “Duty of Care” on persons responsible for animals, requiring them to take proper care of the welfare of animals (including diet, environment, health, and behaviour). In this connection, the AFCD continues to promote information on the fulfilment of the “Duty of Care” through various channels such as thematic website, social media and roving exhibitions.

(3) Members of the public may report suspected animal cruelty cases immediately by calling the 999 Report Centre or 1823 to report to the AFCD. The existing channels for reporting crime are well known to the public, easy to remember and has worked well. The Government will continue to review the operational details to see if there is room for improvement.

(4) Upon receipt of report of suspected animal cruelty cases, the AFCD officers will visit the scene promptly to conduct investigation, including taking photographs of the animals and the environment of the scene, examining the health conditions of the animals and collecting evidence, etc. The AFCD will arrange for a veterinarian to give professional advice at the scene if necessary. If animal cruelty is suspected to be involved in the case, the AFCD will decide whether to seize the animals concerned according to its health condition and hand over the injured animals to the SPCA for further treatment.
 
     According to the information of the Department, over 90 per cent of the reports were found to be not related to animal cruelty after investigation, but nuisance or other situations, such as frequent noise from animals or odour from the premises where the animals were kept, and this misled the reporters into thinking that the animals suffered from acts of cruelty. There are also cases involving neglect of animals but does not involve cruelty, such as the failure to provide adequate space. For these cases, the AFCD officers would give verbal advice on responsible pet ownership and improvement suggestions to the owners concerned after inspecting the scene. read more

     Following is a question by the Hon Edward Leung and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (February 26): Question:     &nb… read more

Artificial Intelligence Application

International Conference on Embodied AI Robot

44. The HKIC will host the first International Conference on Embodied AI Robot to pool together top notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios, thereby boosting Hong Kong’s global influence on technology areas.

Smart Manufacturing

45. We enhanced the New Industrialisation Funding Scheme last year to strengthen support for local manufacturing enterprises to shift to smart manufacturing. The number of new smart production lines supported by the Scheme has exceeded 100, involving industries such as biotechnology, nanofibre materials, new energy, etc. The total investment cost is around $1.3 billion, of which $930 million came from private investment.

46. We also launched the New Industrialisation Acceleration Scheme in September last year to provide matching subsidies to enterprises to build smart production facilities in Hong Kong. The first application for the project has been approved, with a total investment of about $600 million, of which government funding amounts to about $200 million. The project will build smart production facilities in the field of life and health technology.

47. We plan to launch the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. The Government will provide funding of up to $250,000 each on a one-to-two matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines. I have earmarked $100 million for the Scheme, benefitting some 400 enterprises.

Licensing Regime of Low Earth Orbit Satellites

48. Low Earth Orbit satellites are the new trend in global satellite development. The relevant technologies can be widely applicable in various domains such as transport and logistics, smart city, etc. The Commerce and Economic Development Bureau (CEDB) and the Office of the Communications Authority are exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites. Our target is to complete the relevant work this year.

Generative Artificial Intelligence Sandbox 

49. The Hong Kong Monetary Authority (HKMA) and Cyberport collaborated last year to launch a new Generative Artificial Intelligence Sandbox to foster innovation in the banking industry and unleash the potential of AI. The HKMA will publish a practice guide by making reference to global development trend and experience in the Sandbox.

Application of an Industry-oriented Approach

50. The Government will draw up a medium- to long‑term development plan for new industrialisation in Hong Kong. Also, we will set up a $10 billion Innovation and Technology Industry Oriented Fund to channel more market capital to invest in emerging and future industries of strategic importance. The Government is inviting relevant organisations to submit expressions of interest and is planning to seek funding approval from LegCo in the middle of this year.

51. We are preparing to launch the $180 million I&T Accelerator Pilot Scheme. The Government will provide up to $30 million in funding, on a one to two matching basis, to each professional start-up service agency, with a view to enriching Hong Kong’s start-ups ecosystem through their business network and experience.

52. The Government has established the Hong Kong Space Robotics and Energy Centre under the InnoHK Research Clusters, with the aim of developing a multi functional lunar surface operation robot, which will contribute to the Chang’E 8 mission. Meanwhile, the Government has started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. Proposals from institutions will soon be invited.

Technology Empowering Industry Development

53. The GBA plays an important strategic role in the national scientific and technological innovation system. Among the top 100 science and technology (S&T) clusters in the Global Innovation Index 2024 published by the World Intellectual Property Organization (WIPO), the Shenzhen Hong Kong Guangzhou cluster ranked second globally for the fifth consecutive year. With our country’s staunch support, the publication event for the top 100 S&T clusters in the WIPO Global Innovation Index 2025 will be held in Hong Kong later this year, giving full recognition to the global importance of Hong Kong as a GBA’s core city in the field of I&T.

Life and Health Technology

54. The Government will support local universities to set up life and health technology research institutes through the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s), with a view to fostering cross university/institutional and multi disciplinary collaboration. The Innovation and Technology Commission is inviting institutions to submit proposals.

55. The Hong Kong Science and Technology Parks Corporation (HKSTPC) is looking into the life and health technology industry’s demand for manufacturing facilities that comply with the Good Manufacturing Practices, as well as feasible mode of development and operation, so as to support the industry in conducting clinical trials of new drugs or healthcare innovations in Hong Kong.

Low-altitude Economy

56. The interdepartmental Working Group on Developing Low altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects and will announce the results soon. Through the pilot projects, we hope to expand and enrich the scope of low altitude flying activities, bringing new areas of growth for Hong Kong’s economy.

57. The Government is reviewing civil aviation legislation to enhance the regulatory regime in support of long-term development of the low altitude economy. We plan to introduce proposed amendments to the Small Unmanned Aircraft Order into LegCo in the second quarter of this year. We will also consider enacting dedicated legislation for various types of Advanced Air Mobility, and proactively strengthen our interface with Mainland authorities on issues relating to the low altitude economy.

Technology Products

58. We will provide local technology companies with more physical displays and sales environment for their products. The Hong Kong Trade and Development Council (HKTDC) will add a thematic pop-up display area at the flagship retail platform Hong Kong Design Gallery and exhibition venues during major exhibitions to showcase high-quality innovative technology products to both local and overseas buyers or consumers.

Patient Capital

Hong Kong Investment Corporation Limited

59. The HKIC, as patient capital, while seeking investment return in the medium and long terms, strives to bring in more frontier technology enterprises and patient capital to Hong Kong, so as to accelerate the establishment of Hong Kong’s I&T ecosystem and development of upstream, midstream and downstream sectors of the industry chains.

60. The HKIC has so far invested in over 90 technology enterprises engaging mainly in hard and core technology, life technology, new energy, green technology, etc. Among these investment projects, every $1 invested by the HKIC attracts $4 of long term co investment. The HKIC will drive these technology enterprises and investment partners to leverage Hong Kong as a platform for business expansion, and encourage them to establish venture business departments in Hong Kong. This is to attract more start up investment and facilitate relevant mergers and acquisitions. read more