Hong Kong Innovation and Technology Bureau: New Industrialization Supports Innovative Technology Enterprises to Settle in Hong Kong, Injecting New Energy into the Innovative Technology Ecosystem.

On May 20th, Professor Sun Dong, the Secretary for Innovation and Technology of Hong Kong, stated the latest developments in Hong Kong's new industrialization. In order to further promote the development of Hong Kong's innovation and technology industry and new industrialization, the Hong Kong government is increasing support for more companies to engage in smart production in Hong Kong through various funding schemes. At the same time, Hong Kong is actively attracting talents in innovation and technology to meet the talent needs of companies in the process of upgrading and transformation. Measures such as the Talent Repository Program, New Industrialization, and Technology Training Program will continue to inject new energy into Hong Kong's innovation and technology ecosystem. According to government statistics, the added value of Hong Kong's manufacturing and new industrial industries is HK$76.8 billion in 2023, an increase of 7.6% from the previous year, accounting for about 2.6% of Hong Kong's total production value, reflecting the initial effectiveness of the government's policy measures. Sun stated that the Hong Kong government will allocate HK$100 million in the 2025-2026 fiscal budget for the launch of the "Manufacturing and Production Line Upgrade Support Program" this year. Following a 1 (government): 2 (company) matching ratio, the program will provide up to HK$250,000 in funding to each of the approximately 400 companies to help them develop smart production strategies and introduce advanced technology to existing production lines. It is believed that the pilot program can provide important support to small and medium-sized enterprises in introducing smart production technology solutions and upgrading production lines, accelerating the development of new industrialization. The government will review the effectiveness of the program within two years to determine future directions. Sun also mentioned that Hong Kong is actively leveraging its role as a "super-connector" and "super value-added" player to attract innovative enterprises from home and abroad to develop in Hong Kong, encouraging them to collaborate with Hong Kong companies to create synergy. As of April 2025, discussions have been held with over 200 potential or representative innovative companies to settle or expand their businesses in Hong Kong. To further enhance Hong Kong's innovation and technology ecosystem, the Hong Kong government established the Hong Kong New Industrial Development Alliance in March 2025, bringing together resources to build a platform for cooperation between government, industry, academia, research, and investment. Additionally, the government is reforming its investment approach in the innovation and technology industry, with plans for a HK$10 billion innovation and technology industry guidance fund to attract more social capital for designated strategic emerging and future industries and to systematically develop the innovation and technology industry ecosystem.