The Hong Kong government will establish the New Territories Technology Park Company and appoint Dr. Cha Yiu-chiu as the chairman of the board of directors.

On May 27, the Hong Kong government announced the establishment of the City Science and Technology Park Limited Company (City Science and Technology Park Company) in the first half of this year to fully promote the development of the 210-hectare innovation and technology land in the City Science and Technology Park. At the same time, with the approval of the Chief Executive, the government appointed Dr. Stephen Cheung Yick Chiu as the chairman of the board of directors of the City Science and Technology Park Company, effective from July 1, 2026, for a term of three years. To fully promote the development of the City Science and Technology Park, the 2026-27 Budget announced that the government will establish a dedicated company within this year and propose an initial funding of HK$10 billion to accelerate the development of market resources and promote the development of relevant land. The Innovation and Technology Bureau will seek approval from the Financial Secretary to establish a non-statutory company fully owned by the Financial Secretary named City Science and Technology Park Limited Company. In terms of governance structure, the board members of the City Science and Technology Park Company will be appointed by the government. The board of directors will include the chairman, official, and unofficial directors. Official directors will include the Permanent Secretary for Innovation and Technology, the Permanent Secretary for Financial Affairs and Treasury (Treasury), and the Director of Innovation and Technology. The government will directly participate in major decisions of the City Science and Technology Park Company through official directors to ensure that the development and operation direction of the City Science and Technology Park are in full accordance with the national and local policies. Unofficial directors will come from different backgrounds and sectors, seeking professional opinions outside the government. Professor Alfred Sun Tat, Director of Innovation and Technology Bureau of Hong Kong, said that the government announced the "City Science and Technology Park Concept Development Plan" in November 2025, setting clear development strategies for the 210-hectare innovation and technology land in the City Science and Technology Park from the top-level design of the development vision, goals and positioning, industrial space layout, and development model. As a natural extension of the Heptagon, located in the northern metropolitan area, the City Science and Technology Park will synergize with the Heptagon Hong Kong Park to build a complete industrial ecosystem. Heptagon focuses on the upstream and middle streams of research and development, transformation, and pilot scale, while the City Science and Technology Park with a larger scale of land will provide space for research and development achievement transformation, pilot scale, and mass production, helping Hong Kong to achieve the layout of "south finance, north innovation science" of the ShenZhen New Industries Biomedical Engineering. Professor Sun continued, "Dr. Stephen Cheung is a senior industrialist with rich experience in public service. He has served as Chairman of the Hong Kong Science Park Company (Science Park Company) since 2018, and his term will expire on June 30, 2026. Under the excellent leadership of Dr. Cheung, the Science Park Company has conducted planning and research for about 20 hectares of innovate and technology land in the City Science and Technology Park. After Dr. Cheung's term as Chairman of the Science Park Company expires, he will immediately take up the position of the first chairman of the City Science and Technology Park Company. I firmly believe that under Dr. Cheung's leadership, the City Science and Technology Park will become a key center for the future development of emerging technology industries in Hong Kong and an important base for the development of new productive forces." "The Science Park Company will continue to cooperate fully with the government in the future, coordinate the development of the science and technology park with the City Science and Technology Park Company, expand the innovative and technological ecosystem, make good use of Hong Kong's international advantages, and serve as a bridge connecting the Mainland and the world." The Innovation and Technology Bureau of Hong Kong will strive to complete a series of preparatory work within this year, including appointing unofficial directors of the board, publicly recruiting an executive CEO and other key personnel, land allocation, and applying for funding from the Legislative Council for initial funding, so that the City Science and Technology Park Company can start operating as soon as possible.